News Desk
LONDON: Global oil prices slipped on Friday after markets reacted to signs that a second round of Middle East diplomatic talks could resume, raising cautious hopes of de-escalation in a conflict that has severely disrupted energy flows from the Gulf.
Brent crude, the international benchmark, fell back below the $100-a-barrel mark as traders adjusted positions on reports that Iran’s foreign minister Abbas Araghchi was due to arrive in Islamabad late on Friday.
The development fuelled speculation that Pakistan’s capital could again serve as a venue for indirect engagement between Tehran and Washington, although it remained unclear whether US officials would take part in any talks.
Earlier in the week, oil prices had risen amid fears that diplomatic efforts were stalling, with tensions over the Strait of Hormuz and restrictions affecting Iranian ports adding to supply concerns.
Market analysts said investors had quickly rotated back into risk assets on hopes of diplomatic progress.
