World oil prices drop on hopes for US-Iran diplomacy

Oil prices have fallen sharply on hopes for diplomatic talks aimed at ending the US-Iran war, with the main international contract, Brent North Sea crude, shedding more than five percent.

Brent has dropped as low as $93.32 a barrel, while the main US contract, West Texas Intermediate, has retreated 4.5 percent to $86.75 a barrel.

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