Oil Prices Plummet as US-Iran Talks Continue

Oil prices are plummeting on Tuesday after reports emerged that the US and Iran held talks with mediators to potentially revive a deal ending the war in the region. Brent crude, the international benchmark, dropped 1.41% to $96.45 per barrel at 10:23 a.m. ET, while West Texas Intermediate, the US benchmark, fell 1.31% to $91.39 per barrel.

According to Reuters, Washington and Tehran spoke separately with mediators on Monday. Despite President Donald Trump's claims that Iran overplayed its hand, both countries are continuing negotiations. 'They want to make a deal, but it is not the deal that I want to make,' Trump said.

The Iranian Foreign Minister Abbas Araghchi stated after meeting with Qatari mediators that they discussed ideas for finding solutions to fulfill Iran's conditions. However, US Ambassador to the UN Mike Waltz called Tehran's proposal a 'cynical attempt to put something on the table that they knew was unacceptable.'

Meanwhile, data from Kpler revealed that crude exports in the Middle East rebounded close to their highest level since the war began in late February. The region's fuel exports now stand at just under 80% of pre-conflict levels.