Oil Prices Decline as Iran Signals Openness to Diplomacy Efforts

Oil prices declined on Thursday after rising by 4% in the previous session due to Iran's signal of openness to diplomacy.

Brent crude futures fell by $0.94, or 0.9%, to $102.13 a barrel, while West Texas Intermediate (WTI) crude futures dropped by $0.59, or 0.7%, to $91.56 a barrel.

A senior Iranian official stated that Iran and the US remained far apart on how to end the war but continued diplomatic efforts were necessary. The comments came after the Iranian president told the UN General Assembly that Tehran would never yield to US pressure.

The official mentioned that reopening the Strait of Hormuz and lifting the US naval blockade were discussed during indirect talks on Tuesday, but Iran's conditions must be met first.