Key facts
- Oil prices fell due to increased confidence in reduced US-Iran conflict.
- Brent crude futures decreased by 2.04% to $93.09 per barrel.
- US West Texas Intermediate crude futures decreased by 2.69% to $90.54 per barrel.
Oil prices declined as traders gained confidence that renewed conflict between the U.S. and Iran was becoming less likely. Brent crude futures settled at $93.09 a barrel, down $1.94 or 2.04%, while U.S. West Texas Intermediate crude finished at $90.54 a barrel, down $2.50, or 2.69%. This sentiment shift influenced market behavior, leading to the price drop in both major crude oil benchmarks.