00:00Global oil prices dropped sharply after reports suggested progress in negotiations between the
00:05U.S. and Iran. Investors are betting a potential agreement could reopen shipping routes through
00:11the Strait of Hormuz and ease fears of supply disruptions. Crude prices fell more than four
00:17percent, helping calm inflation concerns that have weighed on markets in recent weeks. Lower
00:23oil prices also boosted optimism on Wall Street, especially among transportation and consumer
00:29focused companies. Despite the market reaction, officials caution that geopolitical tensions
00:34in the region remain highly volatile.
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