Global Oil Prices Plunge as US-Iran Tensions Ease, Supply Hopes Rise

Global crude oil prices have experienced a significant decline for the second consecutive day. This drop is largely attributed to signs of easing military and political tensions between the United States and Iran, particularly concerning the vital Strait of Hormuz. Reports indicate that major crude oil benchmarks have fallen sharply, with several types now trading below $100 per barrel. The development has spurred expectations for uninterrupted energy supply from the Middle East and the normalization of global supply chains. US President Donald Trump's statements regarding a potential peace agreement with Iran are cited as a key factor influencing market sentiment.