Oil Prices Plummet as China Steps Up Diplomatic Efforts

Global oil prices fell on Friday after reports emerged that China had stepped up diplomatic efforts to revive stalled peace negotiations between the United States and Iran.

The prospect of renewed dialogue eased immediate fears of a prolonged military confrontation, triggering profit booking in oil markets.

Brent crude futures settled at $96.78 per barrel, falling $3.91, or 3.88%, after crossing the $100 mark during the previous trading session for the first time since May.

The latest decline followed reports that Beijing had launched a fresh diplomatic initiative aimed at bringing Washington and Tehran back to the negotiating table.