Brent Crude Slides as Middle East Diplomacy Raises Optimism

(MENAFN) Global oil prices moved lower as optimism grew over potential diplomatic efforts to reduce tensions in the Middle East, as stated by reports.

Brent crude, the international benchmark, slipped to around $97 per barrel, with futures trading near $98.2 per barrel as of early Wednesday.

The decline followed reports suggesting renewed diplomatic activity aimed at calming the situation and avoiding further disruptions to energy supplies.

According to reports, the United States is pursuing a ceasefire that could open the door for negotiations, while separate accounts indicated that Washington had presented Iran with a multi-point proposal intended to resolve the conflict.

Earlier on Tuesday, oil prices had risen after Tehran rejected claims of engaging in talks with the US and signaled that it was not planning to restore normal shipping operations in the Strait of Hormuz.

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