Oil Prices Plunge on US-Iran Ceasefire Hopes

Oil prices have dropped sharply following reports that the United States sent Iran a 15-point proposal aimed at ending the ongoing conflict in the Middle East. The move has raised hopes for a ceasefire that could stabilize oil supplies from the region, according to Reuters.

Brent crude, the benchmark for North Sea oil, fell below the $100-per-barrel mark for the first time in weeks. Shortly before 9:00 CET, Brent prices were down approximately 4.8 percent to around $99.50 per barrel. Meanwhile, US light crude WTI dropped about 4 percent, trading below $88.60 per barrel.

Analysts attributed the decline to profit-taking driven by expectations of a ceasefire. Hiroyuki Kikukawa, chief analyst at Nissan Securities Investment, noted that while optimism has increased, the outlook for successful talks remains uncertain. This has limited the extent of the sell-off in oil markets.

The proposal follows comments from US President Donald Trump, who stated that progress had been made in talks to end the war with Iran. A Reuters source confirmed that Washington had sent Iran a detailed 15-point plan to resolve the conflict. According to Israel's Channel 2, the US is seeking a one-month ceasefire to discuss a broader agreement, which includes dismantling Iran's nuclear program, ending support for regional armed groups, and reopening the Strait of Hormuz, a critical waterway for oil and gas exports.