Global Oil Prices Fall as US and Iran Hint at Talks

Oil prices fell during early Asian trading today. Signs of possible dialogue between the United States and Iran eased global supply concerns.

Leaders want to end the ongoing conflict soon.

Tracking the Crude Market Drops

Brent crude futures dropped significantly this morning. They fell by 1.86 dollars to reach 97.50 dollars a barrel.

This sudden drop represents a 1.87 percent decrease. United States West Texas Intermediate crude also experienced a sharp decline.

It fell by 2.25 dollars to settle at 96.83 dollars a barrel. This downward movement equals a 2.27 percent loss.

Reviewing Previous Session Surges

Both crude oils actually rose sharply during the previous trading session. Brent crude climbed more than four percent yesterday.

West Texas Intermediate crude jumped about three percent. The United States military recently started a blockade of Iranian ports.

This aggressive action caused yesterday's initial price surge. Today's diplomatic hopes quickly reversed those massive financial gains.