Global crude oil prices declined following reports that progress is being made toward a potential US–Iran peace agreement, easing geopolitical tensions in energy markets.

Brent crude dropped below the $90 mark, while WTI hovered around $84 per barrel during trading.

Markets reacted to comments suggesting that military escalation plans had been paused and diplomatic negotiations were advancing, raising hopes of reduced risk to shipping routes such as the Strait of Hormuz.

In Pakistan, energy prices remain a key inflation driver despite global declines.

Meanwhile, international inflation pressures persist, with energy costs continuing to impact transportation and utilities in several economies.

Although lower oil prices have recently eased fuel costs in some regions, analysts warn that markets remain highly sensitive to geopolitical developments that could quickly reverse the trend.