Oil Prices Fall Amid Hopes For Diplomatic Efforts In West Asia

ISTANBUL, March 25 (Bernama-Anadolu) -- Global oil prices dropped as Brent crude fell to US$97 per barrel amid renewed hopes for diplomatic efforts to ease tensions in West Asia, Anadolu Ajansi reported.

International benchmark Brent crude futures traded at US$98.2 per barrel as of 0030 GMT on Wednesday.

Prices declined after reports surfaced regarding new negotiations to stabilise the region and prevent supply disruptions.

News reports claimed that the US is seeking a ceasefire to facilitate talks, while The New York Times reported that Washington had sent Iran a 15-point proposal to resolve the conflict.

On Tuesday, oil prices increased after Tehran denied engaging in negotiations with the US and signalled it had no intention of restoring normal shipping conditions in the Strait of Hormuz.

-- BERNAMA-ANADOLU