Brent falls as Iran-Pakistan talks assessed

Oil prices retreated after a rally observed today, with Brent futures reaching their highest level in five months before falling by 0.69% to $108.79 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped by 1.8% to $101.79. This movement followed traders’ assessment of a meeting between the Iranian president and the Pakistani army chief, during which efforts toward mediation and regional situation discussions took place. Despite the decline, prices remain supported by increasing geopolitical risks, ongoing attacks on shipping vessels, market concerns over regional instability and its impact on energy supplies, along with the return of Russian diesel shipments to the markets following the lifting of American sanctions.

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