Oil Prices Plummet as Hopes for US-Iran Resolution Grow
Oil prices dropped to their lowest levels in over a week as hopes for a resolution to the US-Iran conflict grew. Brent crude futures fell $2.53, or 2.86%, to $85.83 per barrel, while US West Texas Intermediate crude declined by $1.98, or 2.40%, to $80.63.
US President Donald Trump said that Washington is having 'good talks' with Iran, and there's a chance of a resolution. However, he warned that US strikes would resume if negotiations fail. Iran also issued similar comments about retaliation.
Oman has presented a proposal to Iran for a joint regional mechanism to manage the Strait of Hormuz with voluntary fees. The Strait of Hormuz handles around one-fifth of global oil consumption and is one of the world's most important oil shipping chokepoints.