Oil prices decline globally after US-Iran agreement, Brent falls below $78 per barrel

New York (Web Desk): Global oil markets reacted positively to the interim peace agreement between the United States and Iran, with crude oil prices recording a notable decline amid improving geopolitical sentiment.

In international trading, Brent crude futures dropped 1.6 percent to $78.43 per barrel, while US West Texas Intermediate (WTI) crude fell 1.28 percent to trade at $75.81 per barrel.

The decline comes as concerns over energy supply disruptions have eased following a reduction in regional tensions.

Analysts say the improved outlook has relieved pressure on oil markets, which had been driven by fears of instability in the Middle East.

Market experts noted that if the situation continues to stabilize, oil prices could experience further fluctuations in the coming days as traders reassess risk premiums linked to geopolitical developments.

According to energy analysts, any major de-escalation or peace initiative in the Middle East tends to have a direct impact on global commodity markets.

The latest drop in crude prices reflects growing confidence that the interim agreement could help maintain stability in the region and reduce uncertainty surrounding energy supplies.