Oil prices drop as potential Iran-US deal cools supply fears
Indian Express·2h ago·Hope
What Happened
Oil prices declined Thursday following reports of potential Iran-US de-escalation. Brent crude fell 0.5% to $94.49 per barrel, while US West Texas Intermediate dropped 0.8% to $90.59. Markets responded positively to hopes Iran may allow ship transit through Strait of Hormuz. US and Iranian officials plan resumed negotiations in Pakistan this weekend. Pakistan's army chief visited Tehran Wednesday to prevent conflict renewal.
Key Entities
Brent crudeUS West Texas IntermediateIranUnited StatesStrait of HormuzPakistanScott Bessent