Commodities
Oil Prices Plummet on Hopes of Easing US-Iran Tensions
Oil prices fell by about 2% to their lowest level in two weeks due to hopes that tensions between the US and Iran were easing after a second round of indirect talks in Geneva.
The Brent futures price dropped $1.41, or 2.1%, to $67.24 per barrel at 11:50 am EST (1650 GMT), while US West Texas Intermediate crude fell by 65 cents, or 1.0%, to $62.24 in volatile trading.
Iran's Foreign Minister Abbas Araqchi said the countries had reached an understanding on the main 'guiding principles' of their nuclear talks, but stressed that a deal is not imminent.
Oil prices are likely to remain volatile due to diplomatic signals rather than fundamental demand and supply factors, according to Sugandha Sachdeva, founder of SS WealthStreet.