- Brent crude fell to an intraday low of $81.56 per barrel amid market volatility
- WTI crude dropped sharply to $76.03 after earlier reaching the day's high
- Iran's deputy foreign minister stated readiness to abandon nuclear program if US offers alternatives
Crude prices have fallen, and soon recovered amid the volatility caused amid the US, Israel-Iran war. Brent crude slipped to its intraday low of $81.56 a barrel, while WTI crude also retreated sharply, falling to $76.03 after earlier touching the day's high.
This comes after Sky News Arabia reported that Iran's deputy foreign minister said Iran is ready to abandon its nuclear programme if the US presents a satisfactory alternative offer. Bloomberg soon clarified that the the Iranian deputy foreign minister's remark was made earlier during talks with the US.
The rally in crude has been driven by the widening fallout from the military confrontation involving the US, Israel and Iran. Both sides have signaled that hostilities are likely to continue, keeping energy markets on edge.
Brent had closed near $83 a barrel, reflecting heightened fears that the conflict could disrupt energy supply from one of the world's most critical oil-producing regions. West Texas Intermediate had earlier climbed toward $76 a barrel, extending gains after jumping roughly 11% in the first three days of the week.
This is a developing story.
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