Oil prices fell sharply Wednesday morning after climbing in the previous session, reacting to US reports of a proposed plan to resolve the conflict with Iran.
Report informs via Interfax that May futures for Brent crude on the London ICE Futures Exchange were down $5.09, or 4.87%, to $99.40 per barrel as of 9:05 a.m. Baku time. On Tuesday, the contract rose $4.55, or 4.55%, to $104.49 per barrel.
May WTI futures on the New York Mercantile Exchange fell $3.73, or 4.04%, to $88.62 per barrel, after rising $4.22, or 4.79%, in the previous session to $92.35 per barrel.
The US plans to hold talks with Iran on Thursday, March 26, though Iranian authorities have not yet responded to the offer, Axios reported. The US proposal reportedly contains 15 points aimed at ending hostilities.