SINGAPORE: Global oil prices declined on Thursday, reversing some of the gains recorded a day earlier, as renewed hopes for peace talks between the United States and Iran eased concerns in the market. However, tensions in the Middle East and the risk of disruptions to oil supplies continued to support prices.
At 0351 GMT on Thursday, Brent crude futures fell by $1.22, or 1.1%, to $114.10 per barrel. US West Texas Intermediate (WTI) crude futures also declined, losing $1.33, or 1.3%, to trade at $101.45 per barrel.
The decline followed gains in the previous session on Wednesday, when Brent crude rose by 1.3% and WTI advanced by 3%.
Market sentiment shifted on Thursday as investors weighed the possibility of renewed diplomatic efforts between Washington and Tehran against the continuing risk of escalating conflict in the Middle East.
