Oil Prices Plummet as US-Iran Tensions Ease

The global oil market experienced a sharp decline in prices following a significant decrease in tensions between the US and Iran.

The price of US crude oil West Texas Intermediate (WTI) plummeted by over 4%, falling to $84 per barrel, marking one of the biggest daily declines in recent times.

The price of British crude oil Brent also saw a significant drop of 4.86% to $92 per barrel, while Murban crude oil from the UAE experienced the largest decline at 9.44%, dropping to $97 per barrel.

Experts associated with the energy sector warn that further pressure on crude oil prices may come in the coming days if tensions between the US and Iran continue to decrease and peace remains in the region, but caution that the situation is still uncertain.