Oil prices today: Brent crude edges lower as Iran keeps door open to diplomacy

Oil prices dipped on Thursday following a 4% increase the previous day, as investors analyzed Iran's possible willingness to engage in diplomatic talks to end its conflict with the US, despite significant gaps in agreement terms. At 7:30 am IST, West Texas Intermediate crude was priced at $91.87 per barrel, a 0.32% decline, while Brent crude stood at $102.53 per barrel, down 0.54%.

Earlier, Brent crude futures experienced a 0.9% drop, reaching $102.13 a barrel, while West Texas Intermediate futures declined 0.7%, settling at $91.56.

A potential diplomatic resolution to the US-Iran conflict had earlier pushed oil prices below $100 a barrel on Wednesday, after Saudi Arabia restarted crude supplies via a key pipeline to the Red Sea. The prospect of a diplomatic breakthrough also contributed to the downward pressure on oil prices.

Brent crude had closed below $100 a barrel for the first time since September 8, marking a low point for the commodity. Iran and the US remain at odds over ending the war, but the Iranian foreign minister stated on Wednesday that Tehran would not cede to US pressure. Following indirect talks on Tuesday, Iran's security chief, Mohsen Rezaei, said the Strait of Hormuz would not reopen until Iran's conditions were met.

US Secretary of State Marco Rubio indicated that a deal with Iran would require considerable effort over time. However, President Trump also mentioned military options. Speculation arose about potential restrictions on US diesel exports, with the Trump administration reportedly preparing plans for a 90-day diesel export ban, though the White House later denied this report.