Oil drops amid Iran-US diplomacy hopes
Oil prices have fallen sharply amid expectations of a diplomatic breakthrough between the United States and Iran, with fighting between the two sides remaining halted. Brent crude futures declined by 4.6% to $81.94 per barrel, while West Texas Intermediate futures dropped by 4.2% to $79.13, following positive statements from Washington about the potential for a diplomatic agreement to end the conflict, along with American threats to destroy Iran's infrastructure if negotiations fail. The market is closely watching developments in the Strait of Hormuz, which remain unstable, and hopes that negotiations will lead to greater stability in global oil supplies—especially now that oil exports have resumed from Kazakhstan after previous disruptions.
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