NEW YORK: Crude oil prices recorded a sharp decline in global markets after optimism grew over the possibility of an agreement between Iran and the United States.
According to international market reports, oil prices fell by more than 5 percent during early Monday trading in Asian markets as investors reacted to expectations of easing tensions in the Middle East.
Benchmark Brent Crude Oil dropped by 5.1 percent and was reported at $98.22 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude declined by 5.2 percent to $91.57 per barrel.
Market analysts linked the downward movement to growing expectations that diplomatic efforts could reduce regional uncertainty and improve energy supply outlooks.
However, US President Donald Trump indicated that the chances of an immediate conclusion of an agreement remain limited.
In a statement shared on social media on Sunday, Trump said he had instructed his representatives not to rush into finalizing any agreement.
Energy markets continue to closely monitor developments surrounding Iran–US diplomacy, as any breakthrough could significantly influence global oil supply and pricing trends.
