Oil prices drop over 3% on US-Iran peace talk progress
Brent fell 3.12% to $96.47 on Wednesday as traders monitored US-Iran talks. Tanker traffic in the Strait of Hormuz raised hopes for increased global oil supply.
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Brent Crude Oil fell $3.11, or 3.12%, to $96.47 a barrel on Wednesday as traders monitored progress in peace talks between the United States and Iran. The drop erased most gains from the previous session following reports of tankers successfully transiting the Strait of Hormuz. Investors are weighing the potential for increased global supply against ongoing military friction in the Middle East.
