Oil Prices Plunge 11% Amid US-Iran Deal Optimism

On Wednesday, global oil prices experienced a significant decline, with Brent crude falling 11% to below $100 per barrel. This drop followed growing optimism about a potential agreement between the United States and Iran to end ongoing hostilities in the Gulf.

Reports indicated that Iran was reviewing a new US proposal, which could lead to a memorandum to halt hostilities and pave the way for further negotiations. The sharp price drop reflects easing concerns about supply disruptions that had previously driven crude prices above $100 per barrel due to conflicts affecting energy flow through strategic waterways.

Brent crude, which had reached $108 per barrel, later fell to $98 amid hopes that Washington and Tehran would resolve their differences soon. US President Donald Trump suggested on social media that the war could end if Iran agrees to the terms, while Iranian lawmaker Ebrahim Rezaei described the proposed American terms as a "wish list," indicating potential resistance from Tehran.

Analysts noted that the oil market remains highly sensitive to geopolitical developments.