Brent crude, the international benchmark for oil prices, dropped 4.69 per cent to $83.81 per barrel for September delivery as of about 2250 GMT on Sunday. Similarly, US benchmark West Texas Intermediate (WTI) fell 4.67 per cent to $80.72 per barrel, mirroring investors’ growing confidence that fresh diplomatic efforts could stabilise global energy supplies. Oil markets have remained highly volatile since the conflict, which began in late February after the United States and Israel launched attacks on Iran. The development has strengthened expectations that a diplomatic breakthrough could help restore confidence in global energy markets and reduce concerns over disruptions to one of the world’s busiest oil transit corridors. A successful outcome could ease pressure on global energy markets, while any setback may quickly reverse the latest price declines.