What is the story about?
Global oil prices have plunged over 5.5% after US and Iran have indicated that there is significant progress in their efforts to end the West Asia war.
However concerns on both sides remain on certain issues such as Tehran’s uranium stockpile and the toll rates on the crucial Strait of Hormuz. Brent crude prices are currently at 97.92 dollars per barrel, while US crude oil is currently at 91.15 dollars per barrel. While Brent crude rates tumbled over 5%, US crude oil declined over 8% after US President Donald Trump stated that he called off certain upcoming strikes on Iran and worked on negotiations instead.
