Doha:Oil prices experienced a decline for the second consecutive session on Tuesday amid growing optimism for a potential agreement between the United States and Iran to resolve an ongoing eight-month conflict. This development has eased concerns regarding disruptions to global energy supplies.

According to Anadolu Agency – English, Brent crude futures, the international benchmark, decreased by $1.59, or 1.5%, reaching $103.20 per barrel as of 1700GMT. Meanwhile, the US benchmark West Texas Intermediate dropped 63 cents, or 0.7%, to $95.83 per barrel, having briefly dipped below $95. Both benchmarks had already seen a decline of more than 7% on Monday, following indications from Washington and Tehran that they were open to negotiations.

US President Donald Trump expressed the possibility of a deal with Iran, while Iranian President Masoud Pezeshkian mentioned that Supreme Leader Mojtaba Khamenei had authorized the government to engage in dialogue. Qatar is playing a role in facilitating these discussions, as the nation seeks an interim agreement to build trust and pave the way for lasting negotiations. Qatari Foreign Ministry spokesman Majed Al Ansari, speaking at a briefing in Doha, revealed that a Qatari delegation had returned from Tehran after extensive talks with Iranian officials. However, Al Ansari noted that while proposals are under review by both Washington and Tehran, significant differences still exist, and no diplomatic breakthrough has been achieved.

Additionally, Iranian Foreign Ministry spokesman Esmaeil Baqaei stated that Tehran would not accept any diplomatic efforts rooted in coercion or blackmail, as reported by the state news agency IRNA. Earlier on Tuesday, oil prices had temporarily risen following reports of a US military strike on Iran's Qeshm Island in the Strait of Hormuz, with Brent crude briefly surpassing $107 per barrel before retreating.