Global oil prices have seen a significant decline of over 5.5% as optimism grows regarding peace negotiations between the US and Iran aimed at resolving the West Asia conflict. Brent crude is currently priced at $97.92 per barrel, while US crude oil has dropped to $91.15 per barrel. This decrease follows US President Donald Trump's decision to halt certain military strikes on Iran in favor of diplomatic negotiations. US Secretary of State Marco Rubio, speaking in New Delhi, highlighted the ongoing efforts to reach a peace deal, assuring that Trump is committed to avoiding a bad agreement. He noted that the negotiations involve crucial discussions about Iran's uranium stockpile and the security of the Strait of Hormuz. Despite the positive developments, analysts warn that the complete normalization of oil supply may take years, with potential disruptions lasting until 2027 due to the extensive impact of the ongoing conflict.