Oil Prices Plunge Amid Easing Mideast Tensions

International crude oil prices plummeted for the third consecutive day on July 28, Eastern Time. Brent crude (UKOIL) fell by over 5%, while WTI crude (USOIL) dropped by 4% below the $80 mark.

The decline in oil prices can be attributed to easing tensions in the Middle East. As the meeting between US President Trump and Israeli Prime Minister Netanyahu approaches, mediators have reported that the US and Iran are close to resuming diplomatic contacts and nearing a breakthrough on restarting the memorandum of understanding signed in June.

According to US media reports, the US and Iran are conducting indirect consultations through mediators led by Oman, Qatar, and Pakistan. The goal is to convert the current pause in mutual attacks between the two nations into a lasting new ceasefire agreement.