Iran's Diplomatic Conditions Send Brent Crude Prices Tumbling

Brent crude oil prices have fallen to $101.71 per barrel as investors weigh renewed hopes of diplomatic engagement between the United States and Iran.

The decline in prices follows indications that Iran has given mediators conditions under which it would consider returning to negotiations with the US.

Mohsen Rezaei, Iran's Supreme National Security Council Secretary, told Al Jazeera that Tehran had formally communicated its conditions to Washington through Qatari mediators and was awaiting President Donald Trump's response.

The conditions include an end to the war on all fronts, the release of frozen Iranian funds and an end to the US naval blockade, Rezaei said.