Oil Prices Decline Amid Prospects for U.S.-Iran Talks to End Conflict
Oil prices have fallen as prospects for talks between the U.S. and Iran to end the ongoing conflict and revive oil supply have emerged. A 10-day ceasefire between Lebanon and Israel has taken effect, and President Trump has indicated that the U.S. and Iran may meet for discussions over the weekend. The conflict has led to the closure of the Strait of Hormuz, disrupting roughly one-fifth of the world's oil supply. The potential for a diplomatic resolution has led to a decrease in oil prices, with Brent crude futures and U.S. West Texas Intermediate crude futures both experiencing declines.