Oil falls 3% as geopolitical tensions ease

Oil barrels

Oil prices fell on Thursday as geopolitical tensions eased amid anticipation of nuclear talks between Iran and the US, alongside a Russia–Ukraine agreement on a prisoner swap.

April Brent crude futures declined 2.75%, or $1.91, to settle at $67.55 per barrel.

March US Nymex crude futures fell 2.84%, or $1.85, to $63.29 per barrel.

The drop followed an agreement between Washington and Tehran to hold nuclear discussions tomorrow, helping calm tensions that had risen after US President Donald Trump hinted at a breakdown in diplomatic efforts.

Separately, Russia and Ukraine agreed to a large-scale prisoner exchange after US-mediated talks.

Meanwhile, forecasts from the US National Weather Service indicated that a polar storm is expected to hit the country’s Northeast starting tomorrow evening, peaking over the weekend before easing early next week.