Oil prices slump after US reported to be close to framework deal to end Iran war

Oil prices plummeted after reports of a potential framework agreement between the U.S. and Iran to end the war, driven by concerns over potential disruptions to oil supplies through the Strait of Hormuz. U.S. crude oil inventories have fallen, and gasoline and distillate stocks have also declined, adding to market volatility. The prospect of a deal has created uncertainty in the energy market.