Oil prices dropped today as hopes of peace talks in the Middle East reduced fears of supply shortages 📉
🛢️ Brent Oil fell to around $98.72
🛢️ WTI Oil dropped to about $96.65
📊 This decline comes after news that talks may happen to end tensions involving Iran, even though the U.S. recently blockaded Iranian ports
⚠️ Earlier, oil prices had surged sharply —
• Brent jumped 4%+
• WTI gained nearly 3%
• Overall, oil is still up 50% in the past month (record rise)
🌍 The main reason is the situation around the Strait of Hormuz, a key global oil supply route
Market is reacting to peace hopes, but risk is still there — so prices remain unstable