Oil prices retreat as traders weigh potential diplomatic progress against ongoing Middle East tensions.
West Texas Intermediate crude fell to $92.45 in early European trading, extending losses below $92.50. The decline comes amid optimism over a possible US-Iran ceasefire deal, which could ease supply concerns in the region.
Prices had climbed earlier this week on fears of escalating Middle East conflicts disrupting oil flows. Analysts noted the market remains volatile as geopolitical risks persist despite diplomatic efforts.
No immediate market reaction was reported beyond the price movement, though traders continue monitoring developments closely.