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Oil Prices Drop Below $100 Amid US-Iran Diplomatic Progress

Guavy AI Editorial Team
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Oil
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Oil prices dropped below $100 per barrel on Wednesday as diplomatic efforts between the US and Iran showed signs of progress, easing concerns over supply disruptions.

The Brent crude price stood at around $98.18 per barrel, while the US West Texas Intermediate was trading at about $90.64, according to market data.

Iran's proposal includes a seven-day plan for the US to lift its blockade of Iranian ports in exchange for Tehran reopening the Strait of Hormuz and restoring normal maritime passage.

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