Baghdad:Oil prices experienced a decline on Thursday, reversing some gains from the previous session as optimism about renewed negotiations eased fears over potential disruptions to Middle Eastern oil supplies amidst escalating regional tensions.

According to National Iraqi News Agency, Brent crude futures decreased by 82 cents, or 0.7%, reaching $114.50 per barrel as of 0132 GMT. Similarly, U.S. West Texas Intermediate (WTI) crude futures dropped by $1.04, or 1%, to $101.74 per barrel.

In the previous trading session, Brent crude had risen by 1.3%, and WTI had increased by 3%. Discussions regarding a potential revival of negotiations were reported by The Wall Street Journal, which cited U.S. Vice President JD Vance’s initiative to send a message to Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, aiming to end the conflict.

Yuki Takashima, an economist at Nomura Securities, noted that “selling pressure is prevailing amid expectations that peace talks could resume. However, the decline remains limited.”