Oil prices fall over 1% as hopes of Iran, Russia-Ukraine peace talks weigh on market

Oil prices dropped more than 1% as hopes for progress in Russia-Ukraine and Iran negotiations emerged. Brent crude futures declined to $91.62, while US West Texas Intermediate crude fell to $85.49 a barrel. Increased production by OPEC+ and rising US crude stocks contributed to this price drop as well. Market relief followed a major prisoner exchange agreed upon by negotiators from Moscow and Kyiv.