Oil Prices Fall as Hopes Grow for Middle East De-Escalation Oil prices declined as markets reacted to signs of renewed diplomatic efforts to reduce tensions in the Middle East. Brent crude fell below $98 per barrel after rising nearly 4% in the previous session, while US benchmark WTI traded around $90. Prices remain highly volatile amid uncertainty over the conflict and its impact on global oil supplies. Hopes for a diplomatic breakthrough increased after Qatar’s Emir discussed de-escalation efforts with US President Donald Trump. Iran is reportedly reviewing proposals from mediators regarding its nuclear programme, but significant disagreements remain. Tehran is demanding the removal of the US naval blockade, sanctions relief and the release of frozen assets before fully reopening the Strait of Hormuz, a critical route for global oil shipments.