Oil prices drop amid hopes for renewed U.S.-Iran talks to ease Middle East tensions

Oil prices fell as optimism grew over a possible second round of U.S.-Iran negotiations aimed at resolving the Middle East conflict. U.S. crude futures dropped to $90.4 per barrel, while Brent crude fell to $94.47 per barrel. The talks, potentially happening soon in Islamabad, come ahead of a ceasefire deadline and could help restore oil flows through the Strait of Hormuz, easing pressure on global energy supplies. Despite disruptions, crude production cuts in the region are less severe than feared, with ongoing U.S. blockades impacting Iranian ports.