Crude oil prices dropped significantly after US President Donald Trump said that negotiations with Iran were in the final stages. As the disrupted fuel supply is likely to be restored upon the US-Iran reaching an agreement and ending the war in the Middle East.
According to market reports, the price of US crude oil has fallen to $98.92 per barrel, while the price of British Brent crude oil has also fallen to $105.65 per barrel.
International financial institutions have warned that if negotiations between Iran and the US fail or military tensions increase again in the region, oil prices could again rise to $120 to $200 per barrel.
According to reports, there has been a standoff between Iran and the US for several weeks, with Iran blocking the Strait of Hormuz while the US has increased pressure on Iranian ports.
