Oil Prices Fall Amid Signs of Possible Peace in Iran Conflict
Brent crude futures declined by around 1% to approximately $107 as of 08:00 GMT, while West Texas Intermediate (WTI) dropped by about 2% to $109.
Although prices initially opened the week on an upward trend, they later reversed course amid emerging discussions about a potential ceasefire between the US and Iran.
According to reports, the US, Iran, and regional mediators are engaged in urgent negotiations over a proposed 45-day ceasefire that could pave the way for a longer-term resolution to the conflict. However, sources indicated that reaching even a limited agreement within the next 48 hours remains unlikely.
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