Oil Prices Drop Further in Global Market Amid US-Iran Agreement Reports

(Digital Itla) Following reports of a potential agreement and diplomatic progress between the United States and Iran, crude oil prices recorded a further decline in the international market. According to media reports, Brent crude fell to $93.7 per barrel, while WTI crude oil traded at $88.9 per barrel. Similarly, Murban oil prices dropped to $93.3 per barrel, which is being seen as a sign of potential stability in the global market. Reports suggest this decline came after progress in diplomatic contacts between the US and Iran. Sources state that negotiators from both countries have agreed on a 60-day Memorandum of Understanding (MoU) to extend the ceasefire and initiate talks on Iran's nuclear program. The American news website Axios, citing sources, claimed that President Donald Trump has not yet given final approval to the proposed agreement, though diplomatic communication remains ongoing. Experts believe that if tensions between the US and Iran ease and concerns regarding oil supply diminish, further stability could be witnessed in global crude oil prices.