Oil Prices Sink Amid Cautious Hopes for Iran-US Talks

Oil prices plummeted by 5% on Tuesday, settling at their lowest levels in two weeks. The decline came as investors cautiously hoped that a pause in fighting between the US and Iran would lead to talks to end the conflict.

However, previous halts have proved only temporary, casting doubt on the prospects of meaningful negotiations.

The Brent futures contract fell $4.27, or 4.8%, to settle at $84.09 a barrel, while US West Texas Intermediate (WTI) crude dropped $3.35, or 4.1%, to close at $79.26.

Iran has denied seeking to resume talks with the US, contradicting statements from President Donald Trump.