Commodities
Oil Prices Fall as Hopes for Diplomatic Breakthrough Grow
Oil prices retreated on Thursday as Iran's willingness to engage in diplomacy to end the US-Iran war boosted hopes of a breakthrough.
The price of oil fell by $102.16, or 0.9%, and $91.39, or 0.8%, respectively, after climbing 4% in the previous session.
A senior Iranian official said that Tehran is reviewing Washington's response to its peace proposals, which prioritize lifting a US naval blockade on Iranian ports and reopening the Strait of Hormuz.
However, Iran's security chief Mohsen Rezaei stated that the Strait of Hormuz would not be reopened until Iran's conditions are met.