Oil prices plunged Wednesday on rekindled hopes for progress in US-Iran talks aimed at ending the war in the Middle East.

Oil prices slid on optimism that the US and Iran were moving closer towards a peace deal, even though they remained at odds over key issues.

Oil prices fell sharply as traders priced in growing hopes that a U.S.-Iran deal could reopen the Strait of Hormuz and ease the global supply shock.

Oil prices have dropped significantly as markets react to potential peace talks between the United States and Iran. Asian stock markets saw early gains on Monday. President Donald…

Analysts urge caution as US and Iran remain divided on key issues