Sri Lanka, July 28 -- Global oil prices tumbled sharply amid growing optimism that easing tensions between the United States and Iran could pave the way for a broader resolution to the conflict.

Brent crude, the international benchmark for oil, fell by more than 9% at one stage, dropping below US$88 a barrel after climbing above US$100 last week during the height of the conflict.

The decline followed confirmation by the US ambassador to the United Nations that attacks on Iran had been suspended for a second consecutive night to allow diplomatic talks to continue. An Iranian army spokesperson also said Tehran had paused its retaliatory military operations in the region.

Published by HT Digital Content Services with permission from Daily...