US-Iran Deal Talks Send Brent Crude Prices Tumbling Below $106

Brent crude oil prices dipped below $106 per barrel on Friday as reports emerged of potential US-Iran deal talks. The news triggered a two-day rally, but Brent crude futures eventually fell to $105.61, down by 0.93%.

The development comes after unnamed sources quoted in a Reuters report said that US and Iranian negotiators are exploring a phased path out of the ongoing conflict. This would involve Iran reopening the Strait of Hormuz and the US lifting its economic blockade on Iran.

Iranian President Masoud Pezeshkian told Fox News that it is up to the US to decide when the Iran war will end, stating 'We do not wish to continue. It's America that must choose whether it wants to end this or not.'