Oil prices dropped by more than 4 per cent as concerns over supply disruptions eased amid growing optimism surrounding diplomatic efforts in the Middle East. Improved market sentiment reduced fears of prolonged instability in global energy supplies.
Brent crude and West Texas Intermediate both posted notable declines as investors monitored geopolitical developments, supply conditions, and expectations around future demand. Analysts noted that softer market sentiment also contributed to the downward pressure on prices.
Energy markets remained volatile throughout the trading session, with traders closely tracking developments linked to the Strait of Hormuz and broader geopolitical tensions. Hopes for progress in negotiations helped ease pressure on global crude markets.
