Brent crude drops below $79 a barrel for first time since early March

LONDON — Global oil prices fell sharply on Tuesday, with Brent crude slipping below $79 a barrel for the first time since early March on expectations of a revival in oil supply and progress in Middle East political talks. The August Brent contract was down 5.04% at $78.97 a barrel in late trading, while the July West Texas Intermediate (WTI) contract lost 5.78% to settle at $76.08 a barrel. Both benchmarks recorded their steepest single-session declines in months as traders responded to diplomatic signals from the region. Market participants linked the sell-off to hopes that a political breakthrough in the Middle East could allow disrupted oil flows to return to global markets. The simultaneous drop below key technical thresholds — Brent under $79 and WTI under $77 — pointed to a broad repricing of near-term supply risks. Oil prices have been volatile in recent sessions as investors weighed ongoing geopolitical tensions against signs of diplomatic engagement between regional and international actors. No further details on the negotiations driving the move were immediately available.