Oil prices retreat for a third day amid easing supply fears on potential US-Iran negotiations progress.
West Texas Intermediate crude trades near $96.80 per barrel, extending losses for a third consecutive session. The decline follows growing speculation that the US and Iran may narrow differences in negotiations, reducing supply disruption risks.
Prices had previously climbed on Middle East tensions, but optimism over a potential deal has tempered concerns. US officials cited encouraging signs, while Iran acknowledged narrowed gaps but no formal agreement. Key sticking points remain, including uranium enrichment and control over the Strait of Hormuz.
Iran’s proposal for a toll system in the Strait of Hormuz has faced US opposition, with President Trump rejecting any charges on the critical waterway. Market reaction remains cautious as negotiations continue.