Iran Opens Door to Diplomacy as Oil Prices Edge Lower
Oil prices dipped on Thursday after a 4% surge in the previous session, as Iran expressed willingness to engage in diplomacy to end the US-Iran conflict. Brent crude futures fell 94 cents, or 0.9%, to $102.13 a barrel, while West Texas Intermediate futures eased 59 cents, or 0.7%, to $91.56.
A senior Iranian official stated that Tehran is reviewing Washington's response to its peace proposals, which prioritize lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz. However, Iran's security chief Mohsen Rezaei said the Strait would not be reopened until Iran's conditions are met.
US Secretary of State Marco Rubio emphasized that a deal with Iran would require 'hard work over a period of time,' adding that Trump also has military options available. Traders were also evaluating possible curbs on diesel exports, following reports that the Trump administration is preparing plans for a 90-day diesel ban.