Oil prices fall as traders assess latest diplomatic signals on Iran

Oil prices fell as traders assessed new diplomatic efforts in the Middle East to avoid a possible resumption of US military strikes on Iran. Brent crude slid toward $114 a barrel after rising more than 1% in the previous session; WTI crude futures fluctuated around $102 a barrel. Iranian Foreign Minister Araghchi said Tehran continues to keep the door open for diplomacy; media reports said US Vice President Vance has contacted Mohsen Rezaei, secretary of Iran's Supreme National Security Council. Trump told Axios on Wednesday that negotiations are being conducted through mediators but stressed he is not sure whether they will yield results. "We need to get this done whether through a deal or otherwise and we will see whether the negotiations succeed," he said.