Oil prices tumble 11% for biggest weekly drop in 7 weeks. Where is liquid gold headed from here?

Global markets rallied as oil prices hit seven-week lows. Hopes for a peace deal between the US, Israel, and Iran eased inflation fears.

Brent crude and WTI saw sharp declines. Diplomatic efforts continue, but differing descriptions of a potential deal persist.

Geopolitical tensions remain a factor. Analysts suggest restoring normal shipping could take months.