Oil prices retreat as diplomatic efforts in the Middle East ease supply disruption fears, pushing WTI below $81.50.
West Texas Intermediate crude fell to $81.30 per barrel in Asian trading Thursday, reversing modest gains from the prior session. The decline follows signs of diplomatic progress in the Middle East, reducing concerns over potential supply disruptions.
Prices had stabilized near $81.50 earlier in the week amid geopolitical tensions. Analysts noted the shift in sentiment as markets recalibrated risk premiums tied to regional conflicts.
No immediate market reaction was reported beyond the price movement.