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Oil prices dropped on Friday, reversing earlier gains after Iran signaled a potential step toward de-escalation by submitting a new proposal through Pakistani mediators. The development comes amid continued geopolitical tensions between the United States and Iran, which have been influencing global oil markets and raising concerns about supply disruptions.
At 15:50 ET (19:50 GMT), Brent crude futures for July fell by 1.8% to $108.39 per barrel, retreating from recent highs. The June Brent contract had already surged past $126 per barrel earlier in the week, marking its highest level in four years before expiring. Meanwhile, West Texas Intermediate (WTI) crude futures for June declined 2.8% to $102.14 per barrel, reflecting increased market volatility tied to geopolitical uncertainty.
The decline in oil prices followed reports from Iran’s state news agency confirming that Tehran submitted a revised peace proposal to Pakistan, which is acting as a mediator in indirect negotiations with the U.S. Although details remain limited, the move has fueled cautious optimism about easing tensions and stabilizing oil supply concerns.
However, sentiment remains mixed after U.S. President Donald Trump expressed dissatisfaction with the proposal. He stated that while Iran appears willing to negotiate, the terms offered are not yet acceptable. Reports suggest that Iran’s latest proposal may have dropped its initial demand for the U.S. to lift its naval blockade, signaling some flexibility in negotiations.
Despite these diplomatic efforts, concerns persist over the ongoing standoff, particularly regarding the Strait of Hormuz, a critical route for global oil shipments. Iran has reiterated its intention to maintain control over the strait, while the U.S. continues its naval presence in the region. Analysts warn that any prolonged disruption could tighten global oil supply and sustain market volatility.
Oil prices recently reached their highest levels since 2022 due to fears of escalating conflict, including potential military actions. While a ceasefire remains in place, the lack of progress in negotiations suggests that uncertainty will continue to impact crude oil markets in the near term.
