Crude Oil Prices Drop to $102 Amid U.S.-Iran Talks

Crude oil prices dropped to $102 per barrel on Thursday, with Brent crude falling from around $106 per barrel and WTI dropping to $96.98 earlier in the week. This decline follows the U.S. proposing a peace deal to Iran, which is currently reviewing the offer to end a conflict that has lasted nearly three months.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed that Iran is considering the U.S. proposal. U.S.

President Donald Trump warned that negotiations could be halted if Iran does not respond favorably. Trump reiterated that he would wait a few days for the right answer from Tehran.

Iranian Foreign Minister Abba Araghchi stated that Iran is prepared to negotiate or fight as necessary. Meanwhile, seven leading OPEC oil-producing countries are expected to agree on a modest output increase of 188,000 barrels per day during their meeting on June 7, despite ongoing disruptions in oil deliveries due to the conflict.