Oil prices fall as Iran signals willingness for diplomacy
Oil prices edged lower as Iran signalled openness to diplomacy with the US, easing concerns over prolonged supply disruptions.
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London: Oil prices fell marginally on Thursday after rising by over 4% the day before, as Iran signalled its willingness to engage in diplomatic efforts to resolve its confrontation with the United States. The development relieved some concerns about long-term disruptions to global oil supplies.
Brent crude futures declined 0.9% to $102.13 a barrel, while US West Texas Intermediate (WTI) slid 0.7% to around $91.56. Tehran is reviewing Washington's reaction to peace overtures, which include removing the US naval blockade on Iranian ports and reopening the strategically critical Strait of Hormuz.
However, the US and Iran remain opposed over the terms of a possible agreement, keeping geopolitical dangers elevated. The market is closely scrutinizing US oil and fuel inventories, as well as anticipated limits on diesel exports.
