Oil prices slide over 1% on Russia-Ukraine and Iran peace hopes

Oil prices fell more than 1% on Thursday as hopes for diplomatic progress in the Iran war and Russia-Ukraine conflict eased supply disruption concerns. Brent crude dropped to $91.62 a barrel, while US West Texas Intermediate fell to $85.49. The decline followed a major prisoner exchange agreed by Moscow and Kyiv after US-mediated talks in Abu Dhabi, though territorial disputes remain unresolved. Increased OPEC+ production in October and a 9 million barrel rise in US crude stocks also pressured prices. Analysts noted uncertainty over the Strait of Hormuz could prevent a steep collapse, while tensions over Iran's nuclear programme complicate negotiations. The US Energy Information Administration's official inventory report is due Thursday after a holiday delay.