Oil Prices Slide as US-Iran Diplomacy Advances

Oil prices plummeted roughly 2% on Friday as diplomatic efforts between the US and Iran showed signs of progress. Negotiators are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.

The move could alleviate concerns about oil supply disruptions, which had driven prices higher earlier in the week. However, escalating attacks by Houthi fighters on Saudi Arabia's oil infrastructure are still a worry for traders.

West Texas Intermediate (WTI) crude fell $2.20, or 2.3%, to settle at $92.41, while Brent futures dropped $2.28, or 2.1%, to $104.32 a barrel.