U.S. Crude Oil Prices Fall 3.72% Amid Peace Talks Hopes

U.S. crude oil futures for May delivery decreased by 3.72% to $95.39 per barrel, while Brent oil for June delivery fell 1.61% to $97.76 per barrel. This downturn comes in the context of heightened diplomatic efforts between the U.S. and Iran, with the U.S. initiating a blockade of Iranian shipping in the Persian Gulf. U.S. Vice President JD Vance stated that future dialogue depends on Iran's actions. The blockade is expected to impact Iran's oil exports, which reached around 1.7 million barrels per day last month, tightening oil and refined product markets further.