Crude oil futures decline on US-Iran peace talks. Oil prices fell sharply Wednesday after President Trump announced significant progress toward a complete agreement with Iran. July Brent crude dropped 1.85 percent to $107.84, while June WTI fell 1.97 percent to $100.26. On India's MCX, May futures declined 1.57 percent to $9546. Trump's pause of "Project Freedom," his initiative to escort commercial vessels through the Strait of Hormuz, signals a potential de-escalation in Persian Gulf tensions. The temporary halt aims to finalize diplomatic negotiations with Iran. Market analysts note that oil prices face renewed pressure as ceasefire prospects improve, despite earlier military escalations. Middle East developments remain critical for determining future crude price movements and market volatility.
