Oil Prices Fall as Iran Signals Openness to Diplomacy, but Rift Remains
Crude oil prices fell on Thursday after Iran signaled its openness to diplomacy. However, the two sides remain divided over how to reach an agreement. Iranian President Masoud Pezeshkian told the UN General Assembly that Tehran would never surrender to US pressure.
The crude oil price on September 24 was $102.13 a barrel for Brent futures and $91.56 a barrel for West Texas Intermediate futures, down from the previous day's prices.
Tehran is reviewing Washington's response to its peace proposals, which call for the lifting of a US naval blockade on Iranian ports and the reopening of the Strait of Hormuz. The two issues were discussed during indirect talks on Tuesday.
Saudi Arabia has restarted operations on its East-West Pipeline to the Red Sea, which had been shut after drone attacks halted crude loadings at the kingdom's Yanbu port. The pipeline is used to reroute around 4 million barrels per day of oil to Yanbu.