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Oil prices slipped on Thursday after rising sharply a day earlier, as markets weighed renewed diplomatic efforts between the United States and Iran.
Mariyam Adheela
Oil prices edged lower on Thursday after gaining nearly 4 percent in the previous session, with investors watching developments in the US-Iran conflict and possible diplomatic efforts to end the war.
Brent crude futures fell 0.9 percent to $102.13 a barrel, while US West Texas Intermediate crude dropped 0.7 percent to $91.56.
Iran has indicated that it remains open to diplomacy, although Tehran and Washington continue to differ over how the conflict could end.
Iran is also seeking the reopening of the Strait of Hormuz, a key route for global oil shipments, as part of its proposals, according to Reuters.
Meanwhile, improved oil flows from the Gulf have eased some supply concerns. Saudi Arabia has resumed operations on a key pipeline, supporting expectations of higher crude availability.
Oil markets remain sensitive to developments in the Middle East, particularly any changes involving the Strait of Hormuz and the ongoing US-Iran conflict.
