emirates7 - Oil prices plunged on Wednesday, dropping more than 5 percent at settlement following statements from US President Donald Trump indicating that negotiations to end the conflict with Iran have entered their final stages.

The benchmark Brent crude futures contract tumbled $6.26, or 5.63% , to settle at $105.02 a barrel.

Concurrently, US West Texas Intermediate crude futures dropped $5.89, or 5.66 percent, to close at $98.26 a barrel.