International energy markets experienced a sharp correction on Friday as global crude oil prices eased significantly. Benchmark Brent crude dipped below $97 per barrel, while West Texas Intermediate (WTI) futures dropped more than 2% to slide near $92 per barrel. The downturn follows emerging diplomatic reports that Iranian negotiators have formally proposed a phased, seven-day de-escalation plan aimed at completely reopening the vital Strait of Hormuz in exchange for structured sanctions relief from the United States.
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