Crude Falls 1.2% on Iran, Ukraine Peace Hopes

Oil prices fell more than $1 on Thursday, with Brent down about 1.2% to $91.62 a barrel and U.S. WTI down 1.2% to $85.49, as hopes for progress toward easing the Iran and Russia-Ukraine conflicts reduced concerns about supply disruptions. Russian and Ukrainian negotiators agreed to a major prisoner exchange in Abu Dhabi, though territorial disputes remain. Iran’s security chief rejected exporting enriched nuclear material and warned of consequences if the United States launches new strikes; uncertainty around the Strait of Hormuz could also limit further price declines. Rising OPEC+ production, led by Saudi Arabia, and a reported increase in U.S. crude inventories added to concerns about oversupply.