Oil Prices Drop on Easing Middle East Tensions
Brent crude futures dropped by over 3%, hovering close to $96 per barrel at 1120 GMT, while West Texas Intermediate (WTI), the US benchmark, slid by 3.6% to approximately $91.2.
This downturn followed a sharp rise of around 4.5% in the previous trading session, when crude prices briefly neared $100 amid heightened geopolitical uncertainty and worries about possible interruptions to regional energy supply routes.
Market mood changed after US President Donald Trump stated that Washington was “very close” to finalizing a deal with Iran as the existing two-week ceasefire nears its end. He also suggested that such a deal could help drive down oil prices and inflation, adding that the next round of direct discussions might occur “maybe over the weekend.”
Additional pressure on prices came from broader expectations that regional tensions could further subside after Israel and Lebanon reached an agreement to initiate a 10-day ceasefire beginning at 2100 GMT on Thursday, following negotiations held in Washington.
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