Washington (Business Desk): Global crude oil prices have witnessed a significant decline amid growing hopes of reduced tensions between the United States and Iran.
In the international market, the price of Brent crude fell to $92.57 per barrel, while US West Texas Intermediate (WTI) crude dropped to $86.85 per barrel.
On the other hand, the price of the United Arab Emirates' Murban crude recorded a slight increase, reaching $99 per barrel.
The major reason behind the decline in oil prices is being attributed to US President Donald Trump's statement suggesting reduced chances of further military strikes against Iran, which eased investors' concerns.
As a result of this development, global crude oil prices fell to their lowest level in the past two months.