Global oil prices dropped sharply by approximately 5% amid expectations of news regarding a possible framework agreement between the US and Iran to end the conflict and restore shipping through the Strait of Hormuz. This was reported by Reuters, according to UNN.
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Brent crude futures fell by 5.31% to $94.29 per barrel, while American WTI lost 5.55%, dropping to $88.68. Both oil benchmarks reached their lowest levels since mid-April.
Investors are awaiting details of a potential agreement between Washington and Tehran that could stabilize the situation in the Strait of Hormuz—one of the key routes for global oil exports. The market was also influenced by data from the American Petroleum Institute, which showed that US crude oil inventories have been declining for the sixth consecutive week.