Oil Prices Slide as Iran Signals Readiness for Diplomacy

Oil prices declined on Thursday after surging by around 4% in the previous session. This drop came as Iran signaled its readiness to end the conflict with the US through diplomatic means.

The Brent crude futures fell by $0.94, or 0.9%, to reach a price of $102.13 per barrel. Similarly, West Texas Intermediate (WTI) crude futures slipped by $0.59, or 0.7%, to $91.56 per barrel.

A report from the Energy Information Administration (EIA) showed that US crude oil inventories increased by 3 million barrels to reach a total of 426.4 million barrels last week.