Oil prices ease on hopes of US-Iran peace talks. Brent crude fell 1% to $98.40 a barrel while US oil dropped 1.7% to $97.40 after President Trump indicated Tehran had contacted Washington about a potential deal. Prices had surged above $100 following Trump's order to blockade Iran's ports when negotiations failed over the weekend. However, experts warn current oil prices may not reflect Middle East severity, with the IEA noting April could be worse than March due to supply disruptions. While discussions suggest a possible path to peace, the two sides remain far apart on uranium enrichment terms, with the US demanding 20 years versus Iran's five-year proposal. Markets are closely monitoring whether further de-escalation occurs.
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