Iran's Diplomatic Gesture Eases Oil Prices, But Resolution Eludes

Oil prices declined on Thursday after Iran expressed its willingness to engage in diplomacy to end the US-Iran war, but both countries remain far apart on how to achieve a resolution.

The Brent crude futures fell by $0.94, or 0.9%, to $102.13 per barrel, while West Texas Intermediate futures eased $0.59, or 0.7%, to $91.56.

A senior Iranian official told Reuters 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.

The official stated that these were discussed during indirect talks on Tuesday, but emphasized that Iran's conditions must be met before any progress can be made.