New York: (RightNow) Oil prices have decreased following improved negotiations between the US and Iran. Brent crude oil price has dropped by 4% to $99 per barrel.

Additionally, WTI is trading at $89 per barrel, while UAE’s Murban remains at $108 per barrel. The improvement in crude oil supply has led to this price reduction.

Iran has announced that restoration work on the Pars gas field, affected by US attacks, is ongoing. According to the Deputy Oil Minister, half of the gas field’s capacity is now operational.

The drop in oil prices could positively impact the global economy, especially for countries reliant on oil imports.

It is noteworthy that in March, US attacks damaged Iran’s Pars gas field, and restoration work has been ongoing since then.