Oil Prices Plunge as Iran Paves Way for Diplomatic Solution
Oil prices declined on Friday as news of Iran's openness to negotiations with the US eased some geopolitical risk, while improving US-China trade relations also weighed on crude prices.
The international benchmark Brent crude futures for November delivery traded at $105.70 a barrel, down 0.8% from the previous close of $106.60, while US benchmark West Texas Intermediate (WTI) crude futures for November delivery fell 1.6% to $93.10 a barrel from $94.61.
Iranian President Masoud Pezeshkian said Iran does not want war with the US and is ready to reach an agreement through negotiations, adding that it was up to Washington to decide whether to end the conflict.
Araghchi also stated that Tehran had proposed a seven-day plan aimed at ending the conflict, reopening the Strait of Hormuz, and restarting negotiations over its nuclear program. Iran would reopen the waterway under certain conditions, according to reports.