Oil prices have fallen sharply, with Brent reaching 102 dollars per barrel, after the US and Iran move closer to a preliminary agreement.

Oil prices recorded a significant drop on Wednesday, reaching their lowest levels in the last two weeks, amid reports that the United States and Iran are close to reaching a preliminary agreement to end the conflict in the Middle East.

Brent crude fell by over 7%, reaching approximately $102 per barrel, while U.S. WTI crude dropped by over 6.5%, to about $95.5 per barrel. A Pakistani official stated that Washington and Tehran are close to a memorandum of understanding, and Iran is analyzing the American proposal. Although the decline in prices was limited by statements from President Donald Trump and reactions from Iranian officials, the oil market was supported by disruptions in the Strait of Hormuz, a crucial route for global oil exports.

Recent data shows that U.S. crude inventories have decreased by 2.3 million barrels, reflecting high demand and supply difficulties caused by the conflict.