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

Brent crude dropped as much as 5.1 per cent to US$98.22 a barrel. Read more at straitstimes.com. Read more at straitstimes.com.

Crude oil prices plunged over 5% as reports surfaced of the US and Iran nearing a Memorandum of Understanding, pushing Brent below $100 and WTI towards $90 a barrel.

Brent crude futures down 5.5% to lowest level in two weeks and stock markets rise

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