ISLAMABAD: Crude oil prices registered a notable decline following a breakthrough in diplomatic talks between the United States and Iran, coupled with expected improvements in global oil supply.
Driven by easing tensions and progress in negotiations, Brent crude fell by 4 percent to settle at $99 per barrel. Meanwhile, West Texas Intermediate (WTI) was spotted trading at $89 per barrel, and the UAE’s Murban crude stood at $108 per barrel.
In tandem with the diplomatic developments, Iran announced the partial restoration of the South Pars gas field, which had sustained damage during US airstrikes in March. According to Iran’s deputy oil minister, half of the gas field’s production capacity has successfully been brought back online, injecting additional stability into regional energy markets.
