Singapore (HRNW)- A significant decline in crude oil prices has been recorded in the global market today, largely due to growing hopes for a possible agreement between Iran and the United States.
According to international media reports, clear pressure was seen in oil prices at the start of business in Asian trading markets, with Brent crude falling by about 5.1 percent to $98.22 per barrel.
Similarly, the US West Texas Intermediate (WTI) also continued to trade at $91.57 per barrel, down 5.2 percent.
Market analysts say investor confidence improved after reports of progress in diplomatic negotiations between Washington and Tehran, reducing fears of further tensions in the Middle East and possible disruptions to global oil supplies.
Experts believe that if a formal agreement is reached between Iran and the United States, additional oil supplies could return to the global market, further affecting energy prices worldwide.
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