Global oil prices fell to their lowest level in four months as positive comments from US leaders about relations with Iran eased market concerns. According to Reuters, the international benchmark Brent crude dropped by $1.38, or 1.89 percent, to $71.57 per barrel, while US West Texas Intermediate (WTI) crude declined by $0.92, or 1.32 percent, to $68.58 per barrel. Both benchmarks closed at their lowest levels since March.

Market analysts attributed the decline to recent remarks by US President Donald Trump and Vice President JD Vance, who described ongoing discussions between Washington and Tehran as progressing well. Their statements signaled a reduction in geopolitical tensions between the two countries, which directly influenced global oil trading.

The easing of supply concerns among investors following these diplomatic signals led to a rapid downward shift in oil prices, reflecting renewed optimism about stability in the global energy market.