Oil prices fall on hopes for diplomatic efforts in Middle East

ISTANBUL

Global oil prices dropped as Brent crude saw $97 per barrel amid renewed hopes for diplomatic efforts to ease tensions in the Middle East.

International benchmark Brent crude futures traded at $98.2 per barrel as of 0030GMT on Wednesday.

Prices declined after reports surfaced regarding new negotiations to stabilize the region and prevent supply disruptions.

News reports claimed that the US is seeking a ceasefire to facilitate talks, while the New York Times reported that Washington had sent Iran a 15-point proposal to resolve the conflict.

On Tuesday, oil prices increased after Tehran denied engaging in negotiations with the US and signaled it had no intention of restoring normal shipping conditions in the Strait of Hormuz.