Oil Prices Plummet on Growing Hopes for US-Iran Deal

Oil prices slumped to their lowest levels in over a week as hopes for a US-Iran deal grew. Brent crude futures fell $1.75, or 1.98%, to $86.61, while US West Texas Intermediate crude dropped $1.26, or 1.53%, to $81.35.

US President Donald Trump said Washington was having 'good talks' with Iran and that there was a chance of a resolution. However, he warned that US strikes would resume if negotiations failed, while Iran also threatened retaliation.

Oman has proposed a joint regional mechanism for managing the Strait of Hormuz with voluntary fees, according to UBS analyst Giovanni Staunovo.