Oil Prices Slip Below $100 as Diplomatic Efforts Between US and Iran Advance

Oil prices have retreated below $100 per barrel as diplomatic efforts between the US and Iran gain momentum. The Strait of Hormuz, a crucial oil shipping route, remains a point of contention.

The Brent crude price was trading at around $98.18 per barrel on Wednesday, while US West Texas Intermediate stood at about $90.64. The decline is attributed to hopes of an easing in tensions surrounding the waterway.

Iranian Foreign Minister Abbas Araqchi received a response from the US through Qatari mediators after talks between the two sides last week. Iran's proposal includes a seven-day plan to lift the US blockade and reopen the Strait, but disagreements over implementation remain.