Following the announcement of a potential agreement between U.S. President Donald Trump and Iranian officials aimed at ending the conflict and reopening the Strait of Hormuz, global oil prices fell to their lowest level in three months.
According to Reuters, in response to the announcement, Brent crude oil prices dropped by $4.33, bringing the price per barrel to $83.00.
Similarly, West Texas Intermediate (WTI) crude also declined by $4.54, or 5.35 percent, reaching $80.34 per barrel.
The report adds that this represents the largest single-day decline in global oil prices in recent months.
Under the draft proposal, which was facilitated through mediation by Pakistan, the Strait of Hormuz is expected to be reopened to shipping within the next 30 days, while negotiations for a broader and final agreement are set to continue during a 60-day ceasefire period.
Writer:Saeed Sameer
