Oil prices fell more than 1% on Thursday, reaching their lowest levels in four months as investor sentiment improved following upbeat comments from US officials on talks with Iran.
Brent crude futures declined $1.38, or 1.89%, to $71.57 per barrel, while US West Texas Intermediate (WTI) crude dropped 92 cents, or 1.32%, to $68.58 per barrel, according to Reuters.
Both benchmark contracts settled at their lowest levels since March, reflecting expectations that easing tensions between Washington and Tehran could reduce risks to global energy supplies.
The decline followed positive remarks from US President Donald Trump and Vice President JD Vance, who said negotiations with Iran were progressing "very well" and "extremely well," respectively, boosting hopes for further diplomatic progress and greater stability in oil markets.
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