Oil Prices Plunge Over 6% on Diplomatic Progress in Iran
Brent crude retreats as US and Tehran discuss ways to ease regional tensions
Global markets Editor: Fabricio Marcilio 1 min read
Brent crude oil prices dropped more than 6% during Monday's trading session. This movement comes after the fuel reached levels close to those seen at the start of the conflict with Iran in March.
The decline reflects progress in regional diplomatic efforts. United States President Donald Trump stated that he is evaluating the possibility of an agreement with the Iranian government to curb the escalation of hostilities.
Brent crude, which closed last Friday at approximately 117.4 dollars, fell to the 110 dollar range. West Texas Intermediate oil also followed the downward trend with a decline of about 2%.
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