West Asia war LIVE: Trump says 'good chance' of progress in Iran talks as foes hold fire
Oil prices declined as markets reacted to a pause in U.S. strikes on Iran, signaling potential for diplomatic progress. Donald Trump noted a 'good chance' of de-escalation in the region.
Why it matters
Geopolitical stability in the Middle East directly impacts global energy markets and oil price volatility.
Oil prices fell 1% as market participants continued to weigh a pause in U.S. strikes on Iran, which has raised hope of a diplomatic solution to their conflict and the normalisation of Middle East energy flows.
Brent crude futures were down $0.54, or 0.6%, at $87.82 by 0046 GMT. U.S. West Texas Intermediate crude was at $81.95 a barrel, down $0.66, or 0.8%.
Both contracts fell 1% earlier in the session to their lowest level in more than a week.
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