Oil Plummets as US-Iran Talks and Production Increase Weigh In

Oil prices experienced a significant downturn on Thursday, falling more than 1% in early trading, as market sentiment shifted due to two key developments: the ongoing negotiations between the U.S. and Iran regarding nuclear restrictions, and OPEC+’s consideration of increasing production output for July. The decline was seen across both West Texas Intermediate (WTI) crude oil, which dropped to $60.65 per barrel, and Brent Crude, which fell to around $63.45. ?