Global Oil Prices Plunge Amid US-Iran Ceasefire Hopes

Oil futures fell by over one percent today. The market faces its biggest weekly loss since early April.

Reports suggest a possible agreement between the US and Iran. Leaders want to extend the ceasefire and end regional tensions.

Brent crude futures for July delivery dropped 1.1 percent. The price reached 92.67 dollars a barrel today.

United States crude futures fell 1.4 percent to 87.64 dollars.

Brent crude lost 10.5 percent of its value this week. West Texas Intermediate crude suffered a massive 9.2 percent weekly loss.

Prices fluctuate wildly due to conflicting diplomatic signals. Traders closely watch the US-Israeli war on Iran.

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Author: Amita Kalsi

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