Oil prices slide 2% as US-Iran seek path out of war, Saudi supply fears persist

Oil prices fell over 2% as markets weighed growing hopes of a US-Iran truce against fresh concerns over oil supplies from Saudi Arabia. Talk of a possible US ban on diesel exports also added pressure, widening the gap between US and global crude benchmarks.Brent crude fell $2.28, or 2.14%, to $104.30 a barrel, while West Texas Intermediate (WTI) dropped $2.20, or 2.33%, to $92.41. The moves left Brent up less than 1% over the week, while WTI was down about 8%.The latest decline came as US and Iranian negotiators in New York explored a phased route out of the war. According to sources close to the talks, the proposed path would involve Tehran reopening the Strait of Hormuz in return for Washington lifting its economic blockade of Iran.Iran, however, has indicated that the talks would not mean a change in its position on its nuclear programme.