Oil Prices Fall After Reports of Possible US-Iran Agreement

On Thursday, oil prices decreased after earlier increases, following reports of an agreement between the United States and Iran to extend a ceasefire by 60 days and initiate negotiations regarding Iran's nuclear program.

By 19:30 Moscow time, Brent crude futures dropped by 0.3% to $93.98 per barrel, while US West Texas Intermediate crude futures remained steady at $89.39 per barrel.

Earlier in the trading session, both crude benchmarks had risen by more than 2% after the Iranian Revolutionary Guard announced it targeted a US airbase in retaliation for an American attack on the coastal city of Bandar Abbas.

The website Axios cited US officials and a knowledgeable source stating that the agreement between Washington and Tehran is still pending final approval from US President Donald Trump, who informed intermediaries that he requires a few more days to make a final decision.