Global oil markets eased on Friday after reports that Iran sent its latest proposal for talks to end the war with the United States. The move sparked selling as some traders took profits following recent sharp gains tied to fears over supply disruptions.
West Texas Intermediate crude settled near $102 a barrel after dropping about 3 percent. Brent crude, the international benchmark, fell roughly 2 percent to around $108 a barrel. Both contracts remain well above levels seen before the conflict intensified, but the day’s decline brought WTI close to the widely watched $100 mark.
The proposal reached Pakistani intermediaries on Thursday, according to Iranian state media and officials familiar with the talks. It represents the latest effort to break a deadlock that has kept the Strait of Hormuz largely closed, a critical waterway that normally carries about one-fifth of the world’s oil supply.
Prices had climbed sharply earlier in the week, with Brent briefly topping $120 a barrel amid worries about prolonged fighting and blocked shipments. The latest proposal triggered a quick reversal as markets priced in the chance of de-escalation, though many analysts caution that any lasting drop below $100 would need clearer signs of progress.
Background on the Talks
Pakistan has played a central role in shuttling messages between the two sides. Iranian officials described the latest document as a response to recent US positions, though details were not made public. US President Trump later indicated he was not satisfied with the offer, leaving uncertainty about the next steps.
