Oil Prices Plunge as Investors Pin Hopes on Iran War Talks Progress The oil market's volatility continued unabated this week, with prices plummeting as investors became increasingly optimistic about a possible breakthrough in peace talks between the US and Iran.
The war in the Middle East has been a major driver of energy price inflation, but the prospect of a deal sent shockwaves through the global economy. Brent crude fell by $2. 44 to settle at $102.
58, while US crude dropped $1. 91 to $96. 35. This drop was not unexpected, given that investors had initially priced in higher prices due to the ongoing conflict.