Oil Prices Drop Amidst Potential US-Iran Peace Talks

International oil prices dropped by nearly 5 percent as news emerged of potential peace talks between America and Iran, leading to increased investor selling pressure and expectations of reduced Middle East tension. West Texas Intermediate and Brent crude oil prices saw significant declines. US President Donald Trump indicated a peace agreement was largely finalized, with discussions pending on extending a ceasefire, reopening the Strait of Hormuz, and Iran's nuclear program. Analysts predict that supply-demand imbalances may persist, keeping oil prices high for an extended period.