Pakistan, May 29 -- Global oil prices fell in international markets after reports of progress in a possible agreement between the United States and Iran. The news of a potential diplomatic breakthrough eased concerns about supply disruptions in global energy markets. Moreover, investors reacted quickly to expectations of reduced geopolitical tension.

Brent crude oil prices declined to around 93.7 dollars per barrel, according to market data. Furthermore, West Texas Intermediate (WTI) crude also dropped to about 88.9 dollars per barrel. Therefore, both major global benchmarks showed a downward trend during trading.

In addition, Murban crude oil prices also fell to nearly 93.3 dollars per barrel. Market analysts said the decline reflects ...