Oil prices drop as Iran offers new proposal for peace talks with US.

Oil prices fell on Friday afternoon following reports that Iran has put forward a new proposal for a second round of peace talks with the US.

Source: Sharecast

According to Iranian state news agency IRNA, Iran has sent its latest proposal for talks to Pakistani mediators.

Oil prices fell on the news and by 1550 BST, Brent crude was down 2% at $108.20 a barrel, while West Texas Intermediate was 3.7% lower at $101.17.

Pakistani officials reportedly told CBS News on Friday that a revised Iranian response to the latest US terms to end the war had been conveyed to American officials, confirming the report by Iranian state media.

Earlier in the week, Trump rejected an Iranian proposal to first open the Strait of Hormuz and lift the blockade, and postpone nuclear talks to a later stage. Trump told Axios he would keep Iran under a naval blockade until the regime agrees to a deal that addresses US concerns about its nuclear program.

Axios also reported on Thursday that the US Central Command had prepared plans for a "short and powerful" wave of strikes on Iran in hopes of breaking the negotiating deadlock.

Compare our accounts

If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.

View our accounts

Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.