Global oil prices fell on Friday amid growing expectations of a possible ceasefire between the United States and Iran and concerns over escalating attacks by Yemen’s Houthi rebels in Saudi Arabia.
At around 11:41 a.m. Bangladesh time, Brent crude was down 1.4%, or $1.47, at $105.11 a barrel. West Texas Intermediate (WTI) crude fell 2%, or $2, to $92.61 a barrel.
The decline came after a week of sharp swings in oil prices as traders closely monitored developments in the Middle East conflict.
According to reports cited by Al Jazeera, US and Iranian negotiators in New York have been discussing a phased plan aimed at ending the conflict.
Under the reported framework, Tehran could reopen the Strait of Hormuz, a crucial global oil transit route, while Washington could lift economic sanctions imposed on Iran.
Iranian President Masoud Pezeshkian said on Thursday that the decision over when the war would end rests with the United States.
The Strait of Hormuz is a key chokepoint for global energy supplies, and any disruption to shipping through the waterway can exert significant pressure on international oil prices.
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