Oil Plunges 15% as Traders Price In US-Iran Peace Deal, Brent at $99

ICE Brent crude slid 15% week-on-week to $99 per barrel, marking a significant weekly loss amidst hopes of diplomatic progress between the US and Iran. This bearish sentiment prevails despite ongoing attacks in the Strait of Hormuz, as the market prices in a weakening window for continued hostilities. Such a sharp decline in oil prices could ease global inflationary pressures, potentially reducing safe-haven demand for gold and influencing the PKR's stability against the dollar.

بحوالہ / Source: oilprice.com