Khaberni - Oil prices fell in early Asian trading on Thursday after rising 4% the previous day, as investors were busy assessing the efforts being made by the United States and Iran to solve their dispute despite intensifying military activities in the key oil production region.
Brent crude futures dropped 12 cents, or 0.2%, to $70.23 a barrel and West Texas Intermediate crude dropped eight cents, or 0.1%, to $65.11 a barrel.
The indices settled higher by more than 4% at Wednesday's close, reaching their highest levels since January 30, as traders assessed the chances of supply disruptions amid fears of a conflict between the United States and Iran.
The White House said on Wednesday that Iran talks in Geneva this week had made some progress but there are still disagreements on some issues, adding that Tehran is expected to return with more details within two weeks.
Iran issued a notice to airmen that it plans to launch missiles in its southern regions on Thursday, according to the U.S. Federal Aviation Administration’s website.
The United States has deployed warships near Iran, and Vice President J.D. Vance said Washington is considering whether to continue diplomatic engagement with Tehran or to seek “another option.”
Two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without any progress, with Ukrainian President Volodymyr Zelensky accusing Moscow of undermining the efforts made by the United States to end the four-year war.
In the meantime, market sources reported on Wednesday, based on data from the American Petroleum Institute, that U.S. crude, gasoline, and distillate inventories fell last week, contrary to expectations in a Reuters survey that predicted crude stocks would rise by 2.1 million barrels in the week ending February 13.
The U.S. Energy Information Administration is scheduled to release its official reports on U.S. oil inventories on Thursday.
