Oil Prices Plunge on Hopes of US-Iran Agreement

Oil prices plummeted by more than 6% on hopes of an agreement between the United States and Iran. The decline was triggered by investors' optimism that upcoming negotiations could prevent a new US military strike against Iran.

The Strait of Hormuz, a critical route for global energy supplies, is also expected to reopen if a potential agreement is reached. This would further boost hopes for lower oil prices in the future.