Crude oil prices experienced a significant decline on Monday amid ongoing talks regarding a potential agreement between the United States and Iran.
Globally, the possibility of an agreement has contributed to crude oil prices dropping to a two-week low. According to reports from foreign media, the price of Brent crude has decreased by approximately $5, resulting in a current price of $97 per barrel. Meanwhile, WTI is priced at $91 per barrel, and Murban crude oil is selling at $95 per barrel, following a notable decline of 6.5 per cent.
The decline in oil prices has had a positive impact on Asian stock markets, which saw a strong bullish trend today. Investor confidence also rebounded on the Pakistan Stock Exchange, where the Hundred Index closed at a record level of 171,725 points, marking a substantial increase of 3,881 points.
Economists are interpreting this surge as a sign of improvement in the global political landscape, coupled with the drop in oil prices.
