Oil drops after 4% gain on diplomacy hopes

Oil prices declined after rising by approximately 4% in the previous session, fueled by hopes of reaching a diplomatic path to end the war between the United States and Iran, despite ongoing disagreements over the terms to end the conflict. Brent crude fell by 0.12% to reach $102.96 per barrel, while West Texas Intermediate declined by 0.23% to $91.95. The decline reflects reduced geopolitical risks and Gulf supplies, amid ongoing diplomatic efforts. Iran continues to insist on negotiations, although tensions remain. Developments also include the possibility of US restrictions on diesel exports, amid declining inventories and improved oil flows from the Gulf, as renewed hopes emerge that negotiations could help ease market volatility.

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