Oil prices fall as Iran signals openness to diplomacy
Oil prices retreated Thursday after a 4% surge, as Iran said it remains open to diplomacy to end its conflict with the United States.
Oil prices dropped on Thursday following a 4% increase the previous day, as Iran signaled its willingness to engage in diplomacy to resolve its conflict with the United States. Brent crude futures fell 94 cents, or 0.9%, to $102.13 a barrel, while West Texas Intermediate futures slipped 59 cents, or 0.7%, to $91.56. Iran's senior official stated that despite the current distance between Iran and the US on ending the conflict, diplomatic efforts should persist.
This followed Iran's president's speech at the United Nations General Assembly, where he affirmed Tehran would not submit to US pressure. The Iranian official also mentioned that reopening the Strait of Hormuz and lifting the US-imposed maritime blockade are being evaluated in indirect talks held on Tuesday. US Secretary of State affirmed that achieving an agreement with Iran would demand significant effort and time, adding that President Trump also retains military options.
Meanwhile, traders are monitoring possible restrictions on diesel exports, with diesel futures declining around 5% after reports of a potential 90-day ban by President Trump's administration, although the White House refuted these claims.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
