Global oil prices fell by nearly five per cent, with Brent crude trading at about 79 dollars and 49 cents per barrel, while West Texas Intermediate crude dropped to around 75 dollars and 22 cents per barrel.

The decline followed diplomatic signals from the United States on renewed talks with Iran and efforts to secure critical international trade routes.

The easing in prices reflects market optimism that progress in negotiations could reduce tensions in the Middle East and lower the risk of disruptions to global oil supplies.

The latest market benchmarks placed the OPEC Basket price at about 80 dollars and 42 cents per barrel, slightly above Brent crude.

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