Washington, May 25 -- Crude oil prices fell sharply Sunday evening in the first major market reaction to signs of a possible agreement to ease tensions between the US and Iran, raising cautious hopes that disruptions in the Strait of Hormuz could eventually begin to ease.
Global benchmark Brent crude dropped by roughly USD $5 per barrel to around US$98.76, down 4.62 per cent from Friday's close, after tentative outlines of a potential deal emerged over the weekend, reports Axios.
The decline marks the first significant sign of relief for energy markets which have been hammered due to months of conflict, shipping disruptions and investor insecurity amid supply shortages.
Nonetheless, analysts have warned that even if a deal is reached, he...