Oil prices fell amid reports of a new round of talks between the US and Iran, The Wall Street Journal reported.
WTI crude oil futures for May delivery fell 1.7% to $88.07 a barrel, while Brent crude oil futures for next month fell 1.0% to $94.55 a barrel.
“There is a possibility of a deeper decline in oil prices as both sides have compelling reasons to end the conflict,“ said Nikos Tsabouras, senior market analyst at Tradu.
US Vice President J.D. Vance, US Special Presidential Envoy Steve Witkoff and Trump's son-in-law Jared Kushner have arrived in Islamabad, anticipating talks with Tehran, the New York Post reported.
The second round of talks is scheduled for Wednesday, April 22, but no official date has been announced yet, according to CNN.