Post: Oil Falls as US-Iran Peace Talks Loom

Istanbul: Oil prices fell for a second day on Wednesday on expectations peace talks between the US and Iran may resume and eventually release supply from the key Middle East producing region trapped by the closure of the Strait of Hormuz. Brent crude futures fell 52 cents, or 0.55%, to $94.27 a barrel after falling 4.6% in the previous session. US West Texas Intermediate (WTI) crude was down $1.04, or 1.1%, to $90.24 after dropping 7.9% the session before. According to Qatar News Agency, talks to end the war between the US and Israel and Iran could resume in Pakistan over the next two days, US President Donald Trump said on Tuesday, after the collapse of negotiations over the weekend prompted Washington to impose a blockade on Iranian ports. The war has shut the Strait of Hormuz, a key waterway for crude and refined product flows out of the Gulf to global buyers, particularly in Asia and Europe. Despite a two-week ceasefire, transit through the strait remains uncertain.