Oil Prices Plummet on US-Iran Talks Optimism

Global oil prices continued their downward trend for the third consecutive session on August 28th, driven by sustained US halts on airstrikes against Iran and growing optimism over resumed talks.

The September settlement for Brent crude futures on the ICE Futures exchange plummeted 4.8% from the previous session to close at $84.09 a barrel.

On the New York Mercantile Exchange, the September delivery for West Texas Intermediate (WTI) fell 4.1% from the previous session to finish at $79.26 a barrel.

This marks the third consecutive day of sharp decline in global oil prices since August 24th, with Brent crude hitting its lowest level in about two weeks since July 13th.