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Commodities

Oil Prices Plummet Amid US-Iran Diplomatic Progress

Guavy AI Editorial Team
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Oil
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Oil prices plummeted more than 5% on Tuesday as diplomatic talks between the US and Iran sparked optimism over easing geopolitical tensions in the Middle East.

The decline was driven by ongoing negotiations that could potentially restore international energy supply flows, with Brent crude futures dropping 5.3% to settle at $79.36 per barrel and West Texas Intermediate (WTI) falling 5.7% to $75.77 per barrel.

US Secretary of State Marco Rubio indicated progress in maritime-related discussions involving Oman, while Treasury Secretary Scott Bessent suggested that talks regarding the restoration of shipping lane access could move forward soon.

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