Oil Prices Have Started To Decline

Amid hopes that Iran will resume talks with the U.S. and Israel.

Global oil prices fell amid hopes that Iran will resume talks with the United States and Israel to end the conflict that has closed the Strait of Hormuz.

Reuters reports Reuters.

Brent crude futures settled at $94.79 a barrel, down $4.57, or 4.6 percent, from a day earlier. U.S. West Texas Intermediate crude ended trading at $91.20, down $7.80, or 7.87%.

The two benchmarks rose in the previous session, with Brent up more than 4% and WTI up nearly 3% after the U.S. military began a blockade of Iranian ports.

"There seems to be hope for a better outcome in the market. This means the market has earlier factored in many of the changes we've already seen," said John Kilduff, partner at Again Capital.

According to analysts, Brent prices are more sensitive to global supply disruptions than WTI prices.

"Restoring flows through the Strait of Hormuz remains a critical variable in easing pressure on energy supplies, prices and the global economy," the IEA said.

Also against this backdrop, the IEA sharply lowered its forecasts for global oil supply and demand growth, with its 2026 demand growth forecast cut by 80,000 bpd and supply now expected to fall to 1.5 million bpd.

In the meantime, planned exports of Russian oil products from the Black Sea port of Tuapse for April were revised upward by about 60 percent to 1.27 million metric tons from 0.794 million tons in the previous plan, according to two traders and Reuters calculations.

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