Oil prices edge lower on easing geopolitical tension hopes and rising US stocks

Global oil prices slipped on expectations of reduced military tensions between the United States and Iran, alongside hopes for progress toward resolving the Russia-Ukraine conflict.

On London’s ICE Futures exchange, Brent crude futures for January 2027 delivery fell $0.22, or 0.23%, to $95.60 per barrel. On the New York Mercantile Exchange, December futures for U.S. West Texas Intermediate (WTI) crude declined $0.43, or 0.48%, to $88.31 per barrel.

Prices were further pressured by rising U.S. crude inventories and growing market concerns over ample global supply.