Oil Prices Plummet as US-Iran Talks Ease Supply Concerns

Oil prices plummeted nearly 6% on Tuesday as renewed diplomatic engagement between the United States and Iran fueled expectations of an agreement to reopen the Strait of Hormuz, easing fears of potential disruptions to global oil supplies.

Brent crude dropped to around $79 per barrel as of 1550 GMT, marking a decline of approximately 5.7% from its previous closing price of $83.77.

US benchmark West Texas Intermediate (WTI) crude fell about 5.9% to $75.60 per barrel, compared with its previous close of $80.34.