Iran's Diplomatic Shift Sends Oil Prices Reeling Amid Ongoing Tensions
Oil prices declined on Thursday after rising 4% in the previous session, as Iran signaled its openness to diplomacy to end its war with the United States.
The two sides remain divided over how to reach an agreement, with Iranian President Masoud Pezeshkian telling the UN General Assembly that Tehran would never surrender to US pressure.
Crude oil prices fell, with Brent futures dropping 94 cents or 0.9% to $102.13 a barrel and West Texas Intermediate futures declining 59 cents or 0.7% to $91.56.
The US has proposed lifting its naval blockade on Iranian ports and reopening the Strait of Hormuz in exchange for Iran's cooperation, but Tehran is reviewing Washington's response.
Iraq is also increasing oil exports, with Oil Minister Basim Mohammed saying shipments through Turkey will rise to over 600,000 barrels per day.