Brent plummets 6% after Trump's peace plan with Iran
The price of a barrel of Brent crude, a benchmark for the global oil market, fell nearly 6% this Wednesday after US President Donald Trump presented a peace plan to Iran.
TL;DR
- Brent crude oil price dropped by almost 6% to $97.90 per barrel.
- West Texas Intermediate (WTI) also fell by 5.2% to $87.52 per barrel.
- Asian markets, including Japan's Nikkei and South Korea's Kospi, rose nearly 3%.
- The oil price drop is attributed to a potential peace plan between the US and Iran.
- Iran has stated it will allow 'non-hostile' oil tankers to pass through the Strait of Hormuz.