Oil Prices Drop on Ceasefire Hopes
Oil prices fell sharply in early trading, dropping over 5% as optimism grew about a potential ceasefire between the US and Iran. This has eased fears of major supply disruptions from the Middle East. Key benchmarks, Brent and West Texas Intermediate, are now trading below $100 and $90 a barrel respectively. Reports indicate the US has sent a peace plan proposal to Iran, which has boosted market sentiment, even though Iran denies being in talks. This drop follows weeks of soaring prices due to the conflict.
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