KATHMANDU: Oil prices fell on Friday as negotiations between the United States and Iran regarding a potential ceasefire continued. Markets have weighed the possibility of a ceasefire against ongoing concerns over potential supply disruptions from the Middle East, following an increase in Houthi rebel attacks on Saudi Arabia.
Brent crude prices dropped by 1.47 dollars, or 1.4 percent, to reach 105.11 dollars per barrel. Meanwhile, West Texas Intermediate prices fell by 2 dollars, or 2.1 percent, settling at 92.61 dollars per barrel. The decline follows a week of volatile trading in the global oil market.
In New York, American and Iranian negotiators are reportedly seeking a path to de-escalate the conflict. Sources familiar with the discussions indicate that the talks include proposals for Tehran to reopen the Strait of Hormuz in exchange for Washington lifting economic sanctions on Iran. On Thursday, Iranian President Masoud Pezeshkian stated that the decision on when the conflict ends rests with the United States.
