US-Iran war, March 25 -- Oil prices declined nearly 7% on Wednesday, March 25, as renewed diplomatic efforts by the US to end the conflict with Iran gathered momentum, outweighing concerns over additional troop deployments and the continued disruption in the Strait of Hormuz.

Brent crude prices dropped as much as 7% to around $97 per barrel, while West Texas Intermediate (WTI) hovered near $87, reflecting easing fears of prolonged supply disruptions amid signs of potential de-escalation.

Both benchmarks climbed nearly 5% on Tuesday before trimming gains amid volatile post-settlement trading.

Back home, crude oil prices on Multi Commodity Exchange (MCX) followed a similar trend. MCX crude oil prices fell over 4% to Rs.8,394 per barrel o...