Tehran: (RightNow) Iran’s announcement to continue diplomacy with the US has led to a decrease in global oil prices. Brent crude oil price fell by 92 cents to $102.16 per barrel, while US crude oil West Texas Intermediate dropped by 77 cents to $91.39 per barrel.

Yesterday, oil prices had risen by nearly 4%, but today they have decreased. It is notable that the Petroleum Division has also reduced petrol and diesel prices, making petrol Rs 390.12 and diesel Rs 414.75 per liter in the country.

Disagreements on ending the war between Iran and the US persist, but an Iranian official stated that diplomacy should continue. According to the official, Tehran is considering US peace proposals.

Iranian actions have raised hopes for the restoration of oil supply from the Gulf region, positively impacting prices. The US Secretary of State mentioned that lengthy negotiations are needed for an agreement, although President Trump retains the option for military action.

It is noteworthy that investors have taken note of a potential US diesel export ban. According to Politico, the Trump administration was preparing a 90-day ban. The White House denied this, stating it would be ineffective, but analysts suggest the ban could affect global supply.