Oil prices retreated as US diplomatic efforts to end Iran conflict intensify. Brent crude fell as much as 7% toward $97 per barrel, while West Texas Intermediate traded near $89. The Trump administration presented a 15-point peace proposal delivered through Pakistan, signaling a shift from military escalation toward negotiation. However, Iran's recent missile strikes on Israel and public statements rejecting ceasefire talks suggest complex obstacles remain. The conflict, now in its fourth week, has kept the critical Strait of Hormuz largely restricted, threatening global energy supplies. Analysts note the market has moved from potential obliteration scenarios toward a negotiated endgame, though deep mistrust between parties complicates resolution prospects. Oil remains volatile as investors weigh geopolitical risks against diplomatic progress.
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