Oil prices plunged over five per cent and Asian markets ticked up early on hopes of a deal to end to the US-Iran war despite President Donald Trump downplaying its imminence, AFP reports.

As of around 2300 GMT on Sunday, the price of North Sea Brent crude slipped 5.1pc to $98.22 per barrel, while West Texas Intermediate fell 5.2pc to $91.57 a barrel before recovering slightly.