Oil prices fall on reports of US-Iran backchannel contacts, possible peace deal

New York (Web Desk): Global oil prices declined significantly following reports of backchannel communications between the United States and Iran and speculation about a potential peace agreement between the two countries.

According to market reports, Brent crude prices dropped by 1.5 percent amid signs of diplomatic progress, bringing the benchmark close to $92 per barrel.

A similar trend was witnessed in the United States, where West Texas Intermediate (WTI) crude also lost ground, falling to around $88 per barrel.

Economic analysts said easing tensions between Washington and Tehran have raised expectations of uninterrupted oil supplies in global markets.

As concerns over potential disruptions weakened, investor confidence improved, contributing to the decline in crude oil prices.