Oil prices fell on Thursday after rising by about 4% in the previous session, in a market attentive to geopolitical developments and particularly to the prospects for a diplomatic resolution to the conflict between Iran and the United States.
Brent futures declined by 94 cents, or 0.9%, to $102.13 a barrel. West Texas Intermediate (WTI) futures fell by 59 cents, or 0.7%, to $91.56 a barrel.
The market remains particularly sensitive to information regarding relations between Washington and Tehran. Iran has indicated that it remains open to the diplomatic path to reach an end to the conflict with the United States.
According to a senior Iranian official quoted by Reuters on Wednesday, the positions of the two countries remain far apart on the modalities of a settlement to the conflict. He nevertheless said that diplomatic efforts should continue.
These statements come after a speech by the Iranian president before the United Nations General Assembly, in which he stated that Tehran would not yield to American pressure.
After the surge recorded in the previous session, crude prices thus appear to react to signs of diplomatic openness, even as geopolitical uncertainties continue to weigh on the prospects for the oil market.
