Oil prices drop more than $1 as hopes for Iran, Ukraine peace talks pressure markets

Oil prices fell by more than $1 on Thursday as investors weighed possible progress in peace efforts involving Iran and Ukraine, Business Recorder reported. By 0141 GMT, Brent futures were down $1.14, or 1.2%, at $91.62 a barrel, while US West Texas Intermediate crude declined $1.04, or 1.2%, to $85.49.

The losses followed gains on Wednesday, when Brent rose about 1.4% and WTI added 0.6%, after both had touched two-month lows a day earlier. Negotiators from Russia and Ukraine agreed to a prisoner exchange in Abu Dhabi, but US mediators said disagreements over key matters, including territory, remained; uncertainty around the Strait of Hormuz also persisted. OPEC+ output increased in October, led by Saudi Arabia, while US crude inventories rose by 9 million barrels in the latest week, according to data cited by market sources. The US Energy Information Administration was due to release official stock figures on Thursday.