India, Nov. 10 -- Crude oil prices dropped sharply after US President Donald Trump signalled that Washington was unlikely to launch further attacks on Iran while diplomatic efforts continued, easing concerns about a wider escalation in West Asia.

Brent crude futures for January delivery fell 5.8% to $92.57 per barrel, while US benchmark West Texas Intermediate (WTI) crude for December delivery declined 4.4% to $86.85 per barrel.

In an interview with CNN, Trump said further American strikes on Iran were highly unlikely as long as negotiations over Tehran's nuclear programme and efforts to reopen the Strait of Hormuz continued to make progress. The remarks strengthened market expectations of a possible diplomatic breakthrough, adding to t...