Oil Prices Fall 3% on Reports of Possible US-Iran Deal

Global crude oil prices declined by around 3% following reports of a potential agreement between the United States and Iran, easing concerns over supply disruptions in international markets.

According to details, West Texas Intermediate (WTI) crude dropped to around $85 per barrel, while Brent crude also saw a decline and was trading near $83 per barrel.

Market analysts suggest that optimism over diplomatic progress between Washington and Tehran has reduced geopolitical risk premiums in the oil market, leading to the price drop.

The movement reflects investor expectations that a possible deal could stabilize tensions in the Middle East and improve global oil supply security.