Global crude oil prices extended their decline today, falling by approximately 7% as diplomatic talks between the US and Iran raised hopes for a lasting de-escalation in the Middle East.
The drop to a one-week low reflects reduced supply concerns, with markets reacting positively to reports that military strikes have been paused to facilitate ceasefire negotiations.
Investors are closely monitoring the situation, as a sustained cooling of tensions could lead to a further stabilization of energy costs, providing relief to global inflationary pressures.