Oil drops amid easing fears and signs of US-Iran deal
Oil prices declined today as U.S. President Donald Trump avoided launching a military strike on Iran, easing fears of an escalation in the conflict. Brent crude fell to around $88.55 per barrel, and West Texas Intermediate dropped to approximately $86.11, amid anticipation of potential developments in American-Iranian negotiations and an agreement that might include the re-opening of the Strait of Hormuz. Meanwhile, Iran reported that it has not agreed to the terms of any agreement so far, and the market remains exposed to the risk of rising prices if talks do not make progress.
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