Oil Prices Plunge Nearly $10 per Barrel on Iran-US Diplomatic Hopes

Crude markets fell sharply as mediators worked to narrow gaps between Tehran and Washington following recent military strikes. Iranian officials signaled willingness to engage, with State Media quoting Parliament Speaker Ghalibaf as saying Tehran delivered a strong response and the ball is now in the US court.

Senior Iranian officials conditioned Hormuz reopening on meeting Tehran's demands, with nuclear talks potentially to follow. Oil's retreat reflects sentiment that military escalation risks are receding. #energy #geopolitics #commodities