Global oil prices drop amid optimism over potential US-Iran deal

Global oil prices slid five percent this morning on optimism over negotiations aimed at reopening the key Strait of Hormuz and ending the war in the Middle East.

International benchmark Brent Crude has shed 5% to $85.86 a barrel, on hopes of unblocking the waterway through which large amounts of the world’s oil and gas are shipped.

The main US contract, West Texas Intermediate, has lost 5% to $83.32 a barrel.

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