Oil prices drop on Iran-US talks

Oil prices declined for the second consecutive session, amid growing hopes of reaching a diplomatic solution between Washington and Tehran. The two sides conducted positive talks and reached an unprecedented level of trust, leading to a drop in Brent crude futures to $81.94 per barrel and West Texas Intermediate to $79.13. U.S. President Donald Trump confirmed there is a chance to broker an agreement to end the conflict, warning of the resumption of military strikes and the potential destruction of Iranian infrastructure if an agreement is not reached. Despite the decline in prices, markets are closely monitoring developments in negotiations over navigation in the Strait of Hormuz, amid ongoing fragile calm and concerns that tensions may escalate, potentially leading to a surge in oil prices again.

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