Oil prices plunge on global markets

A major drop in oil prices has been observed in the international energy market. A top US official said that Washington could reach an agreement with Iran very soon to reopen the Strait of Hormuz.

Oil prices fell sharply after this announcement on Tuesday (August 4). As a result, the intense fear of disruption to the supply of raw materials that had caused oil prices to skyrocket in the global market in recent months has been greatly alleviated.

This situation has had a direct impact on the international energy market. The price of the main US oil contract West Texas Intermediate (WTI) fell by 5 percent to $ 76.32 per barrel. In addition, the price of international benchmark Brent North Sea crude also fell to below $ 80 per barrel.

Source: Al-Jazeera.