Oil prices edge lower as Iran says it is open to diplomacy to end the war

Business Recorder reported that oil prices edged lower on Thursday after rising 4 per cent in the previous session. Brent crude futures lost 94 cents, or 0.9 per cent, to $102.13 a barrel, while West Texas Intermediate eased 59 cents, or 0.7 per cent, to $91.56. The dip came as Tehran signalled continued willingness to talk, although the two sides remain far apart.

According to a senior Iranian official cited by Reuters, Tehran is weighing a US reply to its proposals, which call for ending the naval blockade of Iranian ports and reopening the Strait of Hormuz. Mohsen Rezaei, Iran's security chief, said the strait would stay shut until Tehran's conditions were met. Rubio said a deal would take sustained effort and added that Trump still held military options.

Traders also weighed potential limits on diesel exports as ultra-low-sulfur diesel futures fell about 5 per cent at midday after Politico reported a planned 90-day ban, which the White House denied. Bloomberg later cited sources as saying Energy Secretary Chris Wright had urged oil executives to get ready for possible US export curbs. Separately, the Energy Information Administration said US crude stocks grew 3 million barrels in the latest week, reaching 426.4 million, against analysts polled by Reuters who had forecast a 641,000-barrel draw.