Oil prices edge lower as Iran says it is open to diplomacy to end the war

On Thursday, oil prices experienced a slight decline after surging by 4% the previous day, following Iran's declaration of willingness to engage in diplomacy to resolve the US-Iran conflict. Brent crude futures experienced a 94-cent, or 0.9%, drop to $102.13 per barrel, while West Texas Intermediate futures declined by 59 cents, or 0.7%, to $91.56 per barrel.

Despite their differences, Iran and the United States remain unwilling to compromise on a resolution to their ongoing war. A senior Iranian official revealed to Reuters that Iran remains open to diplomatic discussions, but emphasized that Tehran would not surrender to US pressure. Iran is currently evaluating Washington's response to its proposed peace initiatives, which emphasize the removal of a US naval blockade on Iranian ports and the reopening of the Strait of Hormuz.

The official also mentioned that Tehran is discussing the reopening of the Strait of Hormuz and the lifting of the US naval blockade on Iran during indirect talks held on Tuesday.