INA–Baghdad
Global oil prices fell by more than 5% on Thursday, driven by optimism surrounding ongoing talks aimed at ending geopolitical tensions in the Middle East.
The price of Brent crude, the international benchmark, dropped 5.1% to $96.06 per barrel.
Similarly, West Texas Intermediate (WTI), the main US contract, fell 5.5% to settle at $89.87 per barrel.
Observers attribute this significant decline to market anticipation of the outcome of diplomatic efforts to end the conflict, which has reduced concerns about prolonged disruptions to oil supplies from the region, a major global production hub.