The oil price has fallen on signs Washington and Tehran may revive peace talks following the start of a US blockade of the Strait of Hormuz.
On Tuesday, traders were tracking a China-linked vessel that might test the new curbs.
Brent dropped below $US99 a barrel, while West Texas Intermediate was near $US97. The two sides are in talks on holding another round of face-to-face negotiations for a longer-term ceasefire, according to people familiar with the matter. The goal is to arrange them before the expiration of a two-week pause in hostilities that was announced April 7, they said.
US President Donald Trump said earlier that Tehran had reached out, telling reporters: “We’ve been called this morning by the right people, the appropriate people, and they want to work a deal.” Iranian President Masoud Pezeshkian, meanwhile, said that the country was prepared to continue peace talks solely within the framework of international law and regulations.
US President Donald TrumpBloomberg