US-Iran Hopes Spark Sharp Oil Price Drop

Oil prices plummeted on Monday morning in Asian markets as investors breathed a collective sigh of relief following two consecutive nights without US strikes on Iran, leaving room for new diplomatic talks.

The price of North Sea Brent crude fell by 5.58% to $91.38, while its US counterpart West Texas Intermediate slid by $5.46 percent to $84.43.

The sharp drop in oil prices was seen as a direct result of investors' growing optimism about the possibility of a US-Iran deal, which would alleviate concerns over potential disruptions to global oil supplies.