Oil drops on US-Iran talks fears

Oil prices declined by more than 1% as markets awaited hopes of a ceasefire between the United States and Iran, amid increased Houthi attacks on Saudi Arabia that threaten to disrupt supplies in the Middle East. Brent crude is trading around $105.26 per barrel, while West Texas Intermediate is at $92.78, amid expectations of possible oil production cuts due to concerns over declining exports and potential diplomatic developments to end the war between Washington and Tehran. There are also growing worries about a potential US ban on diesel exports and its impact on gasoline and diesel prices, along with Saudi efforts to pump more crude through the East-West pipeline, despite operations not resuming after delays.

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