Oil prices retreat from recent gains as traders assess US-Iran diplomatic developments and market sentiment shifts.
West Texas Intermediate crude fell to $91.90 per barrel in Asian trading, reversing more than 3% gains from the prior session. The decline comes as investors weigh potential progress in US-Iran negotiations, which could ease supply constraints in global oil markets.
Prices had climbed earlier this week on geopolitical tensions and supply concerns, but profit-taking and diplomatic optimism appear to have tempered the rally. The retreat follows a volatile period for oil, with recent sessions marked by sharp swings in both directions.
Market reaction remained muted, with traders awaiting further clarity on the US-Iran talks and broader macroeconomic indicators. The drop below $92.00 suggests a cautious near-term outlook for crude prices.