Global Oil Prices Slide on US-Iran Deal Optimism

Global oil benchmarks fell further as growing optimism over a possible US-Iran diplomatic agreement eased fears of supply interruptions through the Strait of Hormuz. Brent crude dipped 1.5% to $99.80 per barrel, while US West Texas Intermediate slid to $93.50, extending last session’s nearly 8% plunge after a turbulent week of rising war-risk concerns. Analysts caution that even with a deal, oil is unlikely to revisit pre-conflict levels soon. Jefferies expects Brent to trade around $80 per barrel in the next three to six months, maintaining inflationary pressure on fuel-dependent economies.

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