Oil prices fell on Thursday as US stocks rose on signs of progress in US-Iran talks, with US crude settling at USD 96.35 a barrel and Brent closing at USD 102.58.
US West Texas Intermediate crude dropped USD 1.91, while Brent crude fell USD 2.44, according to Reuters-cited market data. The Wall Street Journal also reported WTI settled 1.9% lower and Brent dropped 2.3%.
The Dow Jones Industrial Average gained 276.31 points, or 0.55%, to close at 50,285.66. The S&P 500 rose 0.17%, while the Nasdaq Composite added 0.09%.
The 10-year US Treasury yield slipped 0.8 basis points to 4.575% after touching its highest level since January 2025 earlier in the week.
US Secretary of State Marco Rubio said the talks showed “some good signs,” but rejected any Iranian toll system in the Strait of Hormuz.
Markets remained sensitive to Iran headlines. Barron’s reported that oil prices initially rose after a Reuters report on Iran’s uranium position, then settled lower after Iran’s state media pushed back against the claim.
Read: Oil Prices Fall As US-Iran Deal Hopes Grow
Lower crude prices may ease headline inflation pressure by reducing fuel, freight and transport costs. However, renewed tensions around the Strait of Hormuz could quickly restore the oil risk premium.
