US crude oil prices continued to decline since Wednesday's open, supported by growing confidence that the conflict in the Middle East has the potential to lead to a diplomatic solution.
West Texas Intermediate (WTI) crude oil futures for May delivery fell 0.34% to $90.97 per barrel, while benchmark Brent crude for June delivery rose slightly 0.3% to $95.07 per barrel, reflecting mixed movements in the global energy market.
This development was influenced by expectations that negotiations between the United States and Iran may resume in the near future, although there is no official schedule yet.
Reports also said that negotiations could potentially take place within days, indicating that diplomatic efforts are still ongoing.
At the same time, oil flows through the Strait of Hormuz remain a key factor in the market. Currently, flows are still limited to around 10% of normal capacity, thus maintaining risks to global supply.
US sanctions on Iranian ports also put additional pressure as several ships were reported to have turned back, although shipments through other ports are still continuing.
Despite the supply disruptions, the impact appears to be less severe than initially expected.
Oil production in the Persian Gulf region fell by around 8 million barrels per day in March, lower than initially forecast, supported by the use of storage and tanker supplies.
