Global oil prices have dropped below $100 per barrel following growing optimism that new negotiations could take place between the United States and Iran.
A barrel of crude oil was trading at around $98.50, down from $103.65 recorded a day earlier after reports emerged that the United States had begun operations to restrict maritime routes in the region.
Despite the decline, oil prices remain significantly higher compared to about $72 per barrel, the level recorded before the conflict began.
Concerns about the global oil market intensified after U.S. President Donald Trump announced that the United States had launched an unprecedented operation aimed at blocking the Strait of Hormuz, one of the world’s most important oil shipping routes.
According to reports cited by The Times of India, the move has raised serious concerns for the global oil trade, as a significant portion of the world’s petroleum shipments passes through the strategic waterway.
The decision is widely seen as part of Washington’s broader strategy to limit Iran’s participation in international trade while increasing both economic and military pressure on Tehran.