TOKYO — Oil prices fell on Thursday as traders assessed the possibility of progress in diplomatic efforts involving Iran and the Russia-Ukraine war.
Brent crude dropped by $1.14 to $91.62 a barrel, while US West Texas Intermediate fell by $1.04 to $85.49. The decline reversed part of the gains recorded in the previous session.
Markets responded to the prisoner-exchange agreement reached during Russia-Ukraine talks in Abu Dhabi and hopes that tensions in the Middle East may not escalate further. However, major differences remain between Russia and Ukraine, particularly over territorial issues.
Uncertainty over shipping through the Strait of Hormuz also continues to affect market sentiment. Analysts say oil prices could remain sensitive to political developments and any disruption to supplies.
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