Oil Prices Slide as Iran Keeps Door Open for Diplomacy
Oil prices fell on Thursday after rising 4% in the previous session due to Iran's statement that it remains open to diplomacy to end the US-Iran war.
Iranian President told the UN General Assembly that Tehran would never surrender to US pressure, while a senior Iranian official said Tehran is reviewing Washington's response to its peace proposals.
The proposals prioritize lifting a US naval blockade on Iranian ports and reopening the Strait of Hormuz. Brent crude futures fell 92 cents, or 0.9%, to $102.16 a barrel, while West Texas Intermediate futures eased 77 cents, or 0.8%, to $91.39.
Priyanka Sachdeva, head of market insights at Phillip Nova, said 'oil is falling because the market is unwinding part of its geopolitical risk premium as Gulf supply recovers and hopes of a US-Iran diplomatic breakthrough grow.'