Oil Prices Slide on Iran Diplomacy Hopes

Oil prices fell on Friday amid reports of potential diplomatic progress in the Iran conflict.

A deal to end the standoff in the Persian Gulf is being discussed by US and Iranian negotiators in New York, according to Reuters.

The negotiations reportedly involve a phased agreement that would allow Tehran to permit navigation in the Strait of Hormuz in exchange for the US ending its naval blockade.

This approach was agreed upon under a June 17 memorandum of understanding, but it collapsed into renewed fighting shortly after.

Futures for Brent crude declined 1% at $93.66 a barrel, while US West Texas Intermediate futures fell 0.68% to $105.86 per barrel.