International oil prices dropped sharply shortly after reports emerged that Iran had sent its final ceasefire proposal to the United States through Pakistan.
According to Iranian state media, the proposal was conveyed via Pakistani mediators, as reported by The Kobeissi Letter. The development appeared to calm market tensions, triggering an immediate decline in oil prices.
Brent crude, which had climbed to around $116 earlier in the day, fell to the $108–110 range following the news. Meanwhile, West Texas Intermediate (WTI) also slipped, dropping below $103 per barrel at the time of reporting.
Just a day earlier, on Thursday, oil prices had surged past $125 per barrel amid speculation that the United States had shared a potential war strategy with Israel, raising fears of escalating conflict. Since then, prices have retreated by nearly $17 as the situation shows signs of easing.
