Oil prices fall 1.5 percent following unconfirmed reports that Qatar and Pakistan have put forward a new proposal to resume negotiations on ending the Iran war. Bloomberg News reports.
Prices recovered somewhat following reports that played down the prospects of an imminent agreement. Both Brent and WTI crude continue to trade close to today’s lowest levels.
The moves show the market’s sensitivity to news about the conflict, with concerns about further escalation earlier on Tuesday driving Brent crude to its highest level in five months, Bloomberg writes.
