Decline in Oil Prices as Geopolitical Fears Ease

Oil Prices Decline Amid U.S.-Iran Negotiation Progress

Oil prices fell this Wednesday, buoyed by advancements in discussions between the United States and Iran. This development has rekindled hopes for a de-escalation of tensions between the two nations, thereby reducing the risk of supply disruptions from Tehran.

Brent crude futures decreased by 3 cents, equivalent to 0.04%, settling at $67.39 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped by 5 cents, or 0.08%, to $62.28 per barrel.

Both benchmarks are now hovering near their lowest levels recorded in the past two weeks.

The markets are now focused on the upcoming weekly reports, particularly the one from the American Petroleum Institute, scheduled to be released later today, along with the Energy Information Administration’s report expected on Thursday.