Global crude benchmarks retreated on Thursday, sliding from a 4% jump in the prior session. The downward shift followed Iranian signals regarding potential diplomatic pathways to resolve the ongoing conflict with the United States.
Tehran remains open to dialogue despite significant gaps remaining between the two nations regarding terms to end hostilities.
Brent crude futures dropped 0.9% to $102.13 a barrel. Meanwhile, West Texas Intermediate eased 0.7% to trade at $91.56 a barrel.
The market slide also reflects broader inventory pressures. Recent data indicates an unexpected build in U.S. crude stockpiles, alongside ongoing trader assessments regarding regional export corridors.
