WTI crude oil falls nearly 2%, trades below Brent

Oil drilling rigs

Oil prices fell today, April 14, amid signs of possible talks between the US and Iran to end their war, easing concerns about supply risks stemming from the US blockade of the Strait of Hormuz.

 

Brent crude was trading down 1% at $98.29 a barrel, at 09:06 am Makkah time. West Texas Intermediate (WTI) fell 1.8% to $97.25 a barrel.

 

Reuters reported that negotiations between Washington and Tehran are still ongoing, while US Vice President JD Vance stated in a press interview that the US expects Iran to make progress in opening the Strait of Hormuz.

 

The US crude oil inventory report from the American Petroleum Institute is expected later today, ahead of the official data release from the Energy Information Administration on April 13.

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