Global Oil Prices Fall as US and Iran Resume Diplomatic Efforts

WASHINGTON - Oil prices fell on Thursday as US and Iranian negotiators reached a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran’s nuclear programme. US President Donald Trump must still approve the agreement. International benchmark Brent crude futures fell 58 cents to $93.71 per barrel, while US West Texas Intermediate (WTI) crude futures rose 22 cents to $88.90 per barrel. US Central Command stated Iran launched ballistic missiles towards Kuwait, which were intercepted. The attack occurred after US forces conducted a new strike on an Iranian military site believed to threaten American troops and commercial shipping through the Strait of Hormuz. Several Iranian drones were reportedly intercepted and shot down. US Foreign Minister Marco Rubio said talks had made some progress, adding that Trump prefers diplomacy and will give the negotiations the best chance of success.