Oil Prices Fall on US-Iran Truce Hopes

Oil prices have fallen due to the growing prospect of a truce between the US and Iran, which is outweighing concerns about attacks on Saudi Arabia by Houthi fighters.

Brent crude fell 40 cents or 0.4% to $106.20 a barrel, while West Texas Intermediate (WTI) dropped $1.02 or 1.1% to $93.59 a barrel.

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