Global crude oil prices tumbled nearly 7% on optimism regarding a potential U.S.-Iran peace agreement.
Brent crude futures plunged to approximately $96.30 per barrel. U.S. West Texas Intermediate (WTI) fell over 6.5% during the session. WTI prices now sit near $90.88. These declines pushed global energy benchmarks to their lowest levels in weeks.
Diplomatic progress toward reopening the strategic Strait of Hormuz sparked the sell-off. U.S. Secretary of State Marco Rubio stated a solid proposal is currently on the table. President Donald Trump cautioned against rushing a final deal despite the rapid price decline.