Pakistan's Iran Deal Hints Send Brent Crude Prices Lower

Brent crude oil prices have retreated to around $87 per barrel after Pakistan's defense minister hinted that a deal between the US and Iran could be imminent.

Pakistan's Khawaja Asif said recent developments suggest that the two sides are 'close to some sort of arrangement', which would ease tensions and potentially allow for the reopening of the Strait of Hormuz.

Additionally, talks between Iran and Oman over restoring maritime traffic through the strategic waterway are reportedly at an advanced stage, according to a Qatari Foreign Ministry spokesperson quoted by Al Jazeera.

The comments led oil prices to reverse earlier gains, highlighting the market's sensitivity to conflicting signals over negotiations.