NEW YORK: Global oil markets moved downward following a statement from the White House regarding ongoing talks with Iran, raising hopes of a potential breakthrough.
According to market data, Brent crude prices declined by 1.36 percent to $98.13 per barrel, while West Texas Intermediate crude dropped by 1.4 percent to settle at $93.29 per barrel.
Analysts say the shift in market sentiment is driven by expectations that a possible nuclear agreement between Iran and the United States could lead to the return of Iranian oil to global markets.
Economists believe that increased oil supply from Iran would help ease pressure on global energy markets and could contribute to stabilizing fuel prices worldwide.
