Global oil prices have dropped sharply after signs of a possible peace deal between US and Iran. US President Donald Trump said, most parts of the agreement have been discussed, though he warned that talks are not final yet.
Following the news, international oil prices dropped sharply.
Brent crude fell by nearly five percent, easing concerns over energy supply disruptions.
Asian stock markets also reacted positively, with Japan’s Nikkei index reaching a new high.
Analysts say, investors are especially encouraged by the possibility that the Strait of Hormuz may reopen fully.
The route is one of the world’s most important channels for transporting oil and liquefied natural gas.