Brent and WTI crude futures retreat from session highs after mediators report draft proposals in US-Iran negotiations.
Oil prices pulled back from earlier highs after Qatar confirmed diplomatic efforts to resolve the US-Iran conflict were advancing. Brent crude rose 17 cents to $83.94 a barrel, down from a session peak of $86.33, while WTI fell 30 cents to $80.04 after hitting $82.33 earlier.
Both contracts had climbed over 2% earlier amid uncertainty over a potential US-Iran deal. Analysts noted Middle East production remains below pre-conflict levels, keeping supply tight. The Strait of Hormuz, handling a fifth of global oil flows, remains a key dispute point.
Shipping disruptions persist despite ongoing talks, with mediators including Qatar, Pakistan, and Oman coordinating draft proposals between Washington and Tehran.