Commodities
Oil Prices Sink Below $100 on Hopes for US-Iran Peace Deal
Oil prices continued to decline on Thursday, falling below $100 per barrel as hopes for a US-Iran peace deal intensified.
The Brent crude futures price dropped 1.93% to $99.32 per barrel, while the West Texas Intermediate (WTI) fell 2.03% to $93.15 per barrel.
Analysts warn that prices could rebound if conflict escalates again, but for now, investors are reacting to fresh headlines of progress towards potential peace talks.
The US Treasury Secretary Scott Bessent urged China to intensify its diplomatic efforts to persuade Iran to open the Strait of Hormuz to international shipping, and President Donald Trump is set to discuss the subject with Chinese counterpart Xi Jinping next week.