Oil prices fall to over a week low

Global oil prices have fallen to their lowest levels in over a week, with Brent contracts dropping to $101.71 per barrel and West Texas Intermediate to $98.15. This comes amid hopes of opening a diplomatic pathway to ease the war between the United States and Iran and an increased recovery of Saudi oil supplies through the Strait of Hormuz, despite ongoing Houthi attacks. U.S. President Trump showed flexibility regarding the possibility of meeting with his Iranian counterpart. Meanwhile, Tehran has outlined its conditions for resuming negotiations. China has also requested Iran to restrain the Houthis to support the increased oil flows from the Middle East, which have risen to more than 17 million barrels per day, helping to alleviate concerns over a potential oil supply shortage.

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