London (Web Desk): Global crude oil prices recorded a decline following reports of a possible agreement between Iran and the United States (UN), raising expectations of improved diplomatic ties and easing concerns over potential supply disruptions.
According to market data, oil prices in the international market dropped by nearly 9 percent over the past eight hours amid the developments surrounding Iran-US relations.
The price of West Texas Intermediate (WTI) crude fell by 78 cents, bringing it down to $74.99 per barrel. Similarly, Brent crude prices decreased by 63 cents to settle at $78.73 per barrel.
Meanwhile, Murban crude witnessed the sharpest decline among major oil benchmarks, with its price falling by $4.19 to $76.86 per barrel.
Market analysts said that expectations of progress in Iran-US relations and the possibility of a future agreement are influencing global energy markets.
They added that any improvement in diplomatic engagement could have an impact on oil supply forecasts and market sentiment worldwide.