Crude Falls 1.2% on Iran, Ukraine Peace Hopes

Oil prices fell more than 1% Thursday, with Brent down to $91.62 a barrel and U.S. West Texas Intermediate crude to $85.49, as hopes for progress in Iran and Russia-Ukraine peace efforts eased concerns about supply disruptions. Russian and Ukrainian negotiators agreed to a major prisoner exchange, but territorial disputes remain unresolved; meanwhile, Tehran’s hard-line stance on its enriched nuclear material and uncertainty around the Strait of Hormuz continue to limit expectations of a steep price decline. Higher OPEC+ production and a reported increase in U.S. crude inventories also weighed on prices.