Oil Prices Plummet on Renewed US-Iran Talks
Global oil prices dropped on September 29 due to renewed talks between the US and Iran. Brent crude oil futures for December delivery fell to around $96.5 per barrel, a decrease of approximately 1.5% in 24 hours.
This marks the first time Brent has fallen below $96 since September 7. The price of Brent has dropped by more than $8 from its level above $104 per barrel on September 26.
US WTI crude oil was trading at just over $91 per barrel by the end of the day, down about $4.5 from the previous day's price. The minimum price during the day was around $90.4.
According to experts, the decrease in prices is attributed to reports on the possibility of negotiations between the US and Iran. Iran has stated its readiness to suspend uranium enrichment if agreements are reached with Washington.