New Delhi, May 25 -- Global crude oil prices tumbled sharply as Brent Crude prices dropped amid a potential US-Iran peace deal framework. At the time of filing, Brent Crude fell by 4.57 per cent to trade at USD 98.81 per barrel, while West Texas Intermediate (WTI) Crude Oil declined 4.68 per cent to USD 92.08 per barrel.

Earlier in a post on Truth Social on Saturday, US President Donald Trump stated that an agreement had been "largely negotiated" between Tehran and Washington on the subject of finalisation of the deal between the two sides.

He said the United States is also engaged in discussions with leaders from several countries regarding efforts linked to peace and stability in the Gulf region, including issues concerning the Strait...