Oil prices dropped on Thursday, reversing some of the gains made the day before. The decline came as hopes for peace talks in the Middle East eased concerns about potential supply disruptions due to escalating regional conflict.
Brent crude futures fell by 82 cents, or 0.7%, to $114.50 a barrel by 0132 GMT. Meanwhile, US West Texas Intermediate (WTI) crude futures decreased by $1.04, or 1.0%, to $101.74.
The shift in oil prices reflects a delicate balance between fears of supply disruptions and optimism for peace talks. While the conflict in the Middle East continues to pose risks, the prospect of diplomatic resolutions has tempered some of the market's anxiety.