Oil prices decline as Middle East peace talks gain momentum. Brent crude fell 1.35% to $98.05 per barrel while U.S. West Texas Intermediate dropped 1.74% to $93.40, driven by optimism over potential Iran negotiations and a ceasefire between Lebanon and Israel. President Trump indicated weekend talks with Tehran are possible, citing Iran's willingness to forgo nuclear weapons for over two decades. The Strait of Hormuz closure has disrupted approximately 13 million barrels daily for seven weeks. Oil surged 50% in March but has moderated recently, remaining in the $90 range this week as market participants price in potential supply restoration if diplomatic efforts succeed in resolving the regional conflict.
