Brent crude, the global benchmark, fell nearly six percent on Wednesday following US President Donald Trump’s submission of a peace plan to Iran. At around 0030 GMT, Brent was down 5.92 percent at $98.30 per barrel, while West Texas Intermediate (WTI) slipped 5.01 percent to $87.72 per barrel, reports AFP.
In Asian markets, Japan’s Nikkei and South Korea’s Kospi rose more than three percent, reflecting investor optimism over potential de-escalation in the Middle East.
Trump expressed confidence on Tuesday that a negotiated solution could end nearly a month of conflict, with Tehran indicating it would allow “non-hostile” oil vessels to pass through the strategic Strait of Hormuz.
The price decline came despite ongoing violence in the region, including an Iranian missile strike causing injuries in Israel and escalating tensions in southern Lebanon. Traders reacted cautiously after sharp gains the previous day, weighing the prospects of a diplomatic settlement against continued instability.
Bd-pratidin English/ Jisan
