Oil Prices Plunge On Hopes For US-Iran War De-escalation

RTTNews | 170 days ago
Oil Prices Plunge On Hopes For US-Iran War De-escalation

(RTTNews) - Oil prices tumbled on Wednesday as hopes grew for a de-escalation in the Iran conflict.

Benchmark Brent crude futures plummeted 5.4 percent to $94.81 a barrel while WTI crude futures for May delivery were down 5.1 percent at $87.67.

U.S. President Donald Trump has said negotiations to end the war are progressing - a claim disputed by Iranian officials.

According to a New York Times report, the United States has sent Iran a 15-point plan to end the war in the Middle East.

Israel's Channel 12 revealed that Washington was pursuing a one-month ceasefire under a mechanism being developed by Steve Witkoff and Jared Kushner.

Axios said that the U.S. and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but they're still waiting for a response from Tehran.

Meanwhile, Iran has told the United Nations Security Council and the International Maritime Organization that "non-hostile vessels" may transit the Strait of Hormuz, with Tehran's consent.

As diplomatic efforts gather pace, Israel launched a wave of strikes targeting infrastructure across Tehran. Kuwait and Saudi Arabia said they had repelled fresh drone attacks.

According to Iranian state television, Iran's Revolutionary Guards have fired missiles at Israel as well as military bases hosting U.S. forces in Kuwait, Jordan and Bahrain.

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