Oil prices closed sharply lower in New York amid renewed hopes that diplomacy could play a greater role in the conflict between the United States and Iran. West Texas Intermediate, the US benchmark, fell 7.45% to $96.36 a barrel, while Brent, the international benchmark, dropped 7.56% to $104.85.
The decline accelerated after Iranian President Masoud Pezeshkian said, according to the state-run Irna news agency, that the government was seeking to resolve the situation through dialogue. He also said he had received authority from Supreme Leader Mojtaba Khamenei to pursue that effort.
Sources: ANSA Economia.