Oil prices dropped sharply, with Brent nearing $93 per barrel, as the US and Iran tentatively agreed to extend a truce, potentially easing Strait of Hormuz shipping restrictions.

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

Oil prices fell on Thursday as hopes of a possible agreement between the US and Iran to prevent further escalation in the Middle East conflict and reopen the Strait of Hormuz…