Oil prices on Wednesday once again plunged as much as 10 per cent. The sudden downfall in oil prices happened after reports suggested the United States and Iran were nearing a possible agreement to end the Gulf tensions, easing fears of prolonged disruption in the Strait of Hormuz. 

West Texas Intermediate (WTI), the US benchmark, dropped as much as 10 per cent in early trading before recovering slightly to trade around USD 94.32 a barrel, according to Business Insider. Brent crude, the international benchmark, fell 7 per cent to about USD 102.14 a barrel, as per IANS.