Oil prices have dropped due to hopes that the US will withdraw from the Iran war, which has been ongoing for over a decade. Brent crude futures fell by 1.15% to $100 per barrel by 1204 GMT, while U.S. West Texas Intermediate crude futures dropped by a similar amount of 1.41%. However, a U.N. exit from the conflict does not guarantee the reopening of the Strait of Hormuz, according to IG market analyst Tony Sycamore. The head of the International Energy Agency warned that disruptions could impact Europe's economy in April.