Oil Gets Crushed: US Crude Sinks 7%, Slides Under $98 A Barrel

Oil's slide isn't stopping. US crude extended its tumble to a 7% drop on the day, slipping under $98 a barrel — a move flagged by market commentator @KobeissiLetter, which tied the selloff to renewed optimism that Washington and Tehran could find their way to a peace deal.

The logic is simple: a calmer Middle East means less risk of supply getting choked off, and traders are ripping the fear premium right out of the price of a barrel. Every hint of diplomacy knocks another slice off crude.

Money isn't leaving the building, though — it's just rotating. Nasdaq 100 futures jumped more than 1% on the same headlines, according to @KobeissiLetter, as investors read lower energy costs as a tailwind for tech and growth names.

It's a neat split-screen: black gold bleeding, growth stocks grinning. A sustained drop in oil would ease pressure on inflation and on consumers filling up at the pump — the kind of thing that tends to lift equities broadly.

What happens next hinges on whether the peace talk actually turns into paper. Any sign the talks are stalling could snap the risk premium right back into crude, so traders are watching the headlines as closely as the charts.

For now, the tape says it loud: oil down 7%, now below $98 a barrel, and the Nasdaq futures crowd liking what it sees.