Oil Prices Dip Amid Diplomatic Hopes and Fears of Further Attacks

Oil prices have taken a slight dip as markets weigh the possibility of a truce between the US and Iran, following a week of volatility that saw Brent rise to its highest close since September 15.

The price of Brent fell by 74 cents, or 0.69%, to $105.85 a barrel at 0032 GMT, while West Texas Intermediate (WTI) was down 81 cents, or 0.86%, at $93.80 a barrel.

Since the war began in late February, around one-fifth of the world's oil and gas shipments have been curtailed, pushing up prices by 50% in March alone.

The US and Iranian negotiators are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.