Karachi (Business Desk) Global crude oil prices fell by more than one dollar on Thursday amid easing tensions in the Middle East and hopes of progress in peace negotiations between Russia and Ukraine.
According to Reuters, Brent crude prices declined by $1.14 to $91.62 per barrel, while US crude fell by $1.04 to $85.49 per barrel.
Hiroyuki Kikukawa, chief strategist at Nissan Securities, said expectations of ceasefire efforts between Russia and Ukraine and the possibility of no further escalation in the war involving Iran had put pressure on oil prices. However, uncertainty surrounding the Strait of Hormuz is limiting the likelihood of a significant decline in prices.
Meanwhile, Russia and Ukraine agreed on a prisoner exchange during negotiations held in Abu Dhabi, although differences between the two sides over territorial disputes remain unresolved.
On the other hand, Iran's security chief, Mohsen Rezaei, has refused to send enriched nuclear material out of the country, warning that further attacks by the United States would have serious consequences. Washington, meanwhile, maintains that nuclear issues must be included in the initial negotiations for a ceasefire with Iran.