U.S. crude oil plunges on U.S.-Iran optimism
Crude oil futures fell significantly as hopes for a deal between the U.S. and Iran raised expectations for Middle East stability.
The decline in crude prices was also driven by the successful exit of three supertankers from the Strait of Hormuz, relieving market concerns about disrupted energy flows.
Despite a drop in U.S. crude inventories and a record SPR withdrawal, market optimism about a potential Middle East deal outweighed bullish supply data, driving oil prices down.