Oil Prices Drop 2% as US-Iran Talks Begin, Saudi Supply Concerns Linger
Oil prices declined by over 2% as the United States and Iran began diplomatic negotiations aimed at easing tensions. Brent crude slipped to $104.30 per barrel, while West Texas Intermediate fell to $92.41. Negotiators are exploring the possibility of reopening the Strait of Hormuz in exchange for sanctions relief for Iran. Despite the diplomatic progress, concerns over Saudi Arabian oil supply continue to weigh on markets.
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