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International oil prices fell as the U.S. and Iran negotiated the reopening of the Strait of Hormuz, with WTI crude down 1.4% to $93.32.
International oil prices fell as the market weighed negotiations between the US and Iran on reopening the Strait of Hormuz. WTI crude fell 1.4% to $93.32 per barrel, and Brent crude fell 1.2% to $105.35 per barrel. Diplomatic progress could further depress oil prices, but tight physical supply and the risk of renewed conflict in the Middle East limited the decline.
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