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Oil falls as US-Iran talks continue
Oil prices sharply declined as negotiations between the United States and Iran continue to resolve the conflict in the Middle East. President Trump announced that he has decided to suspend airstrikes to give diplomacy a chance, amid expectations of a prolonged period of uncertainty in the markets. Brent crude fell to around $87 per barrel, while West Texas Intermediate dropped to about $81, with warnings of a significant surplus in supply following any potential agreement. Discussions between Iran and Oman have been ongoing to resume shipping through the Strait of Hormuz, one of the world's most vital oil passages. Meanwhile, markets are heading toward greater volatility, with the likelihood of an oil surplus returning before the end of the year.
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