May 25: Global crude oil prices witnessed a steep decline, falling nearly 6% to their lowest levels in the past two weeks amid renewed optimism over a possible agreement between the United States and Iran. The sharp drop in prices eased concerns over supply disruptions and brought relief to global markets.
Brent crude fell below the key $100-per-barrel level, while US benchmark WTI crude also recorded significant losses in early trade. The decline follows reports of progress in diplomatic talks, which raised expectations of improved oil supply conditions in the international market.
The easing of geopolitical tensions has boosted investor confidence, as smoother oil exports from the Middle East could help stabilize global energy supplies. Lower crude prices are also expected to reduce inflationary pressure, cut fuel costs, and provide support to economies heavily dependent on oil imports.
Despite the positive sentiment, market experts caution that volatility may continue as discussions between the two nations are still underway and geopolitical uncertainties remain unresolved.