Sharp drop in oil prices
Oil prices experienced a sharp decline on Friday. The price of a barrel of Brent crude fell 3.4 percent to $72.
This level marks a point close to levels seen before the US and Israel launched their military operation against Iran.
American crude oil followed a similar trajectory, dropping 3.5 percent to trade at around $69 per barrel as of 09:30 Turkish time.
Peace hopes ease markets
This decline, which hit a four-month low, continues the losses sustained over the past week. The main reason for the drop is an atmosphere of optimism in global markets.
This optimism stems from the 'Islamabad Accord,' announced to end the months-long war between the US and Iran that had driven up energy prices and intensified global inflationary pressures.
Before the war began, Brent crude was trading around $72 and West Texas crude around $66.
Ceasefire and negotiation process
The accord, signed electronically by Iranian President Masoud Pezeshkian and US President Donald Trump, came into effect on June 18.
The Washington-Tehran talks, which began in Switzerland on Sunday with mediation from Pakistan and Qatar, aim to reach an agreement ending the war launched by the US and Israel against Iran on February 28.
Among the accord's provisions are the lifting of the US naval blockade on Iran and the reopening of the Strait of Hormuz to global energy shipments. The closure of the strait had played a significant role in raising oil and gas prices and inflation.
