India, May 6 -- Crude oil prices plunged heavily on Wednesday amidst reports that a deal between the U.S. and Iran is nearing agreement. The massive decline in crude oil prices also followed key announcements regarding the U.S. temporarily halting Project Freedom aimed at guiding commercial vessels through the Strait of Hormuz and ending Epic Fury, the combat operations against Iran. Both Brent and WTI crude oil price benchmarks are currently trading more than 6 percent lower on an overnight basis.
Brent Oil Futures for July settlement are currently trading at $102.64, plunging 6.6 percent from the previous close of $109.87. In the day's trading, Brent ranged between $96.77 and $110.84. The 52-week trading ranged between $58.72 and $126.41...