Oil prices fall as peace hopes offset fears of growing Middle East conflict
- Oil prices declined as hopes for peace talks eased concerns about Middle East supply disruptions.
- Brent crude futures fell 1.1% to $114.10 a barrel, and US West Texas Intermediate crude decreased 1.3% to $101.45.
- US Vice President JD Vance is attempting to revive peace negotiations with Iran amidst rising regional tensions.
- Qatari mediators offered Iran a new draft deal to end the war, but Iranian officials rejected it as unacceptable.
- The US Energy Information Administration reported a decrease of 1.9 million barrels of crude from storage, contrary to expectations.
