Oil prices have dropped, with some reports indicating a decline of over 10% and a slip below $100, amid developments related to the US and Iran. The reasons for the drop are unclear, with various reports citing a pause in US military operations, a potential deal between the US and Iran, and a declaration that the Strait of Hormuz is "completely open". The situation remains uncertain, with conflicting reports on the status of US-Iran negotiations and the impact on oil prices.