Oil Prices Plummet as US-Iran Tensions Ease

Oil prices plummeted on Tuesday as signs of easing tensions between the US and Iran led to reduced fears of military escalation and potential supply disruptions in the Middle East.

The international benchmark Brent crude dropped by more than 6.5% to around $86.2 per barrel, extending its 2.4% decline from the previous session.

US benchmark West Texas Intermediate (WTI) also fell 5.5% to $80.40 per barrel, weighed down by investor concerns over renewed diplomatic efforts aimed at easing tensions between Washington and Tehran.

Pakistan's army chief visited Tehran in an effort to support these initiatives, while Qatar said it was continuing its mediation efforts between the two sides.