Oil Prices Decline Amid Stalled U.S.-Iran Peace Talks and Hormuz Shipping Restrictions
Oil prices experienced a slight decline on Thursday due to ongoing stalled peace talks between the United States and Iran, coupled with continued restrictions on shipping through the Strait of Hormuz. Brent crude futures decreased by 15 cents to $101.76 a barrel, while West Texas Intermediate futures fell by 14 cents to $92.82. This decline follows a significant increase in prices the previous day, driven by larger-than-expected draws in U.S. gasoline and distillate stocks. Despite President Trump's extension of a ceasefire, both nations continue to impose restrictions on the strategic Strait of Hormuz, a critical passage for global oil and liquefied natural gas supplies. The U.S. military has intercepted Iranian-flagged tankers, redirecting them away from key Asian waters, while Iran has seized two ships in the Strait, further tightening control over the waterway. 
