Oil Prices Ease as Iran Keeps Door Open to Diplomacy
Oil prices eased on Thursday as investors assessed signs that Iran remained open to diplomacy to end its war with the US. The Brent crude price fell by 0.54% to $102.53 per barrel, while West Texas Intermediate (WTI) crude was trading at $91.87 per barrel, down 0.32%. This comes after oil prices had slipped below $100 a barrel on Wednesday following Saudi Arabia's decision to restore crude supplies through a key pipeline to the Red Sea.
The hopes of a diplomatic breakthrough in the US-Iran conflict weighed on prices. Iran and the US remain divided over how to end the war, but diplomacy must continue, said a senior Iranian official. The comments came after Iran's president told the UN General Assembly that Tehran would never surrender to US pressure.
The reopening of the Strait of Hormuz and lifting of Washington's naval blockade on Iran were discussed during indirect talks on Tuesday. However, Iran's security chief Mohsen Rezaei said on Wednesday that the Strait of Hormuz would not be reopened until Iran's conditions were met.