Oil prices fell sharply on Friday as market participants reacted to reports suggesting progress toward a peace deal between the United States and Iran.
Market reports said U.S. crude dropped to around $84 a barrel, while Brent briefly touched its lowest level since the early stages of the Iran conflict. Other outlets said Brent had fallen from above $95 and was nearing two-month lows.
One report said Pakistan stated a U.S.-Iran peace deal had been reached, while others described the agreement as imminent or linked the move to confirmation of deal details by Iran. The differing reports all pointed to easing tensions in the region.
The shift also weighed on safe-haven demand more broadly. European equities ended the session higher, and the U.S. dollar was reported to be under pressure, though the move in currencies was smaller than the slide in crude.