Oil Slides Below $95 on Fresh Hopes of US–Iran Breakthrough

New Delhi: Global oil markets saw a sharp cooling as optimism over possible talks between the United States and Iran lifted investor sentiment. The benchmark Brent Crude—crucial for India—fell by 0.59%, dropping below the $95-per-barrel mark.
The easing prices come despite lingering fears of supply disruptions in West Asia. Experts say expectations of imminent diplomatic engagement are helping calm markets. Meanwhile, West Texas Intermediate (WTI) also slipped, trading below $87 per barrel.
Just a day earlier, oil prices had surged dramatically after tensions escalated in the region. Iran’s move to shut the vital Strait of Hormuz and the seizure of an Iranian cargo vessel by the US had triggered fears of supply shocks. Brent had jumped 5.6%, while WTI climbed 6.9%.
However, the mood has since shifted. Investors are now betting on upcoming talks expected to take place in Pakistan, which could pave the way for a ceasefire extension or even a broader deal to restore oil flows.
Still, uncertainty remains as Tehran has not officially confirmed participation—keeping markets watchful even as prices dip.