Oil prices extended their decline toward $80 per barrel on [Date], as optimism over potential diplomatic progress with Iran reduced fears of near-term supply disruptions and lowered the geopolitical risk premium in energy markets. As of [Date], Brent crude was near $80 and West Texas Intermediate (WTI) was in the mid-$70s, both significantly below recent highs. Ample global inventories and a softer demand outlook added pressure after an earlier spike linked to fears of a broader conflict. The market remains vulnerable to a rapid reversal if diplomatic efforts fail, geopolitical tensions escalate or OPEC+ cuts output more than expected. Investors are watching OPEC+ production decisions, U.S. inventory data, further Iran-related developments and demand signals from major economies, particularly China, whose recovery has been uneven. Sustained prices below $80 could prompt additional selling, while lower crude prices could reduce gasoline and heating costs and ease inflation pressures, but weigh on energy stocks and the revenues of producing nations.