Oil prices slide 2% as US-Iran seek path out of war, Saudi supply fears persist

AI Summary

Oil prices fell by more than 2% due to the start of US-Iran truce talks and ongoing concerns about Saudi oil supply. Brent crude dropped to $104.30 a barrel and WTI to $92.41, as negotiations focus on reopening the Strait of Hormuz for potential sanction relief on Iran.

Oil prices dropped by more than 2% amid the initiation of US-Iran truce talks, alongside escalating worries about Saudi oil supply. Brent crude fell to $104.30 a barrel, while West Texas Intermediate decreased to $92.41. With negotiators examining the reopening of the Strait of Hormuz for sanction relief on Iran, the situation remains tense.