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Oil Prices Fall Amid Signs of Possible Peace in Iran Conflict
(MENAFN) Oil markets recorded moderate losses following reports suggesting possible progress toward peace in the ongoing conflict involving Iran, according to reports.
Brent crude futures declined by around 1% to approximately $107 as of 08:00 GMT, while West Texas Intermediate (WTI) dropped by about 2% to $109.
Although prices initially opened the week on an upward trend, they later reversed course amid emerging discussions about a potential ceasefire between the US and Iran.
According to reports, the US, Iran, and regional mediators are engaged in urgent negotiations over a proposed 45-day ceasefire that could pave the way for a longer-term resolution to the conflict. However, sources indicated that reaching even a limited agreement within the next 48 hours remains unlikely.
Brent crude futures declined by around 1% to approximately $107 as of 08:00 GMT, while West Texas Intermediate (WTI) dropped by about 2% to $109.
Although prices initially opened the week on an upward trend, they later reversed course amid emerging discussions about a potential ceasefire between the US and Iran.
According to reports, the US, Iran, and regional mediators are engaged in urgent negotiations over a proposed 45-day ceasefire that could pave the way for a longer-term resolution to the conflict. However, sources indicated that reaching even a limited agreement within the next 48 hours remains unlikely.
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