business โฝ Oil prices drop on unconfirmed Iran deal hopes
Oil prices tumbled on Tuesday as traders factored in a hypothetical US-Iran agreement before any official signing occurred. West Texas Intermediate fell $4.70 to $75.64 per barrel, while Brent dropped to $79.16, both hitting three-week lows. Officials suggested a deal might materialize on Tuesday or Wednesday, with Qatar confirming ongoing diplomatic efforts. However, Iran denied direct talks with Washington, preferring mediation via Oman. Goldman Sachs projects Brent will stay between $80 and $90 until a deal is confirmed or escalation happens. ๐