Oil falls amid hopes of a truce between the US and Iran

Brent crude fell 74 cents, or 0.69 percent, to $105.85 per barrel by 00:32 GMT, while West Texas Intermediate crude dropped 81 cents, or 0.86 percent, to $93.80 per barrel.

Oil prices rose yesterday, Thursday, to their highest level in a week. Brent crude settled up 3.4 percent, while West Texas Intermediate crude rose 2.7 percent.

This comes as American and Iranian negotiators in New York are exploring a gradual path to ending the war, which would involve Tehran reopening the Strait of Hormuz and Washington lifting the economic sanctions imposed on Iran, according to sources close to the negotiations this week.

Tim Waterer, chief analyst at KCM Trade, said that diplomatic hopes are primarily helping oil prices withstand the military strikes the Middle East region has experienced recently.

Iranian President Masoud Pezeshkian said yesterday, Thursday, that the United States is the one that must decide when the war between the two countries will end.

The Saudi-led coalition in Yemen said the kingdom intercepted six ballistic missiles launched by Iran-aligned Houthis, thwarting attacks on the Taif province and the Red Sea area of Yanbu.

Saudi Arabia is working to increase volumes of crude oil exports through the East-West pipeline, which extends to the kingdom’s export hub in Yanbu on the Red Sea. However, industry sources, satellite imagery, and shipping data show that loading of crude oil tankers has not yet resumed.