Global Oil Prices Fall as Hopes Rise for Possible US-Iran Agreement
Global crude oil prices declined sharply after growing optimism over a possible agreement between Iran and the United States aimed at ending tensions in the Middle East.
According to international media reports, oil prices dropped by more than five percent during early trading in Asian markets on Monday.
Brent Crude Oil fell by 5.1 percent to $98.22 per barrel, while West Texas Intermediate declined by 5.2 percent to $91.57 per barrel.
The decline came amid hopes of a potential agreement between Washington and Tehran that could help ease conflict in the Middle East. However, Donald Trump downplayed the chances of an immediate breakthrough.
In a statement shared on social media on Sunday, Trump said he had instructed his representatives not to rush into any agreement.
