Oil Prices Dip Amid Iran-U.S. Ceasefire Report

Oil prices dropped after an Axios report suggested the U.S. and Iran reached a ceasefire extension deal. U.S. data showing a lesser draw from crude stockpiles added to the bearish sentiment, impacting Brent and U.S. West Texas Intermediate futures. Potential reopening of the Strait of Hormuz remains critical.

Oil prices slipped on Thursday as reports emerged about a ceasefire extension deal between the United States and Iran, according to Axios.

The news sparked a bearish sentiment, further fueled by U.S. data showing a smaller-than-expected decrease in crude oil stockpiles last week.

Brent crude futures dipped by 73 cents to trade at $93.56 a barrel, while U.S. West Texas Intermediate futures experienced a slight decline to $88.66.