Iran Diplomacy Push Sends Crude Oil Futures Lower
Crude oil futures declined on Thursday morning following a report that Iran is open to diplomacy to end its war with the US. The November Brent oil futures were trading at $102.24, down by 0.81 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $91.45, down by 0.77 per cent.
An unnamed Iranian official quoted in a Reuters report said that Iran is reviewing the US response to its peace proposals, which prioritize lifting a US naval blockade on Iranian ports and reopening the Strait of Hormuz.
Iranian President Masoud Pezeshkian earlier stated at the UN General Assembly that his country would not bow to threats and would not give up its right to develop nuclear technology for economic development. He also emphasized that Iran would not allow freedom of navigation through the Strait of Hormuz as long as sanctions and a US blockade remain in effect.