Brent Crude prices dropped more than 11% to around $98 per barrel as traders rapidly unwound geopolitical risk premiums tied to Middle East tensions. The sharp decline followed reports suggesting progress toward de-escalation efforts involving Iran, easing fears of potential supply disruptions across global energy markets.
The selloff marked one of the steepest single-session declines in crude markets this year and pressured energy-related equities while supporting broader risk assets. Lower oil prices also improved sentiment around inflation expectations, contributing to gains in technology stocks and crypto markets.
Analysts said investors are closely monitoring diplomatic developments and OPEC+ supply signals to determine whether the decline reflects a temporary correction or the start of a broader downtrend in energy prices.
