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Oil futures fell in Asian trading as a ceasefire between Lebanon and Israel took effect, and President Trump hinted at potential US-Iran talks, sparking optimism for an end to the Middle East conflict.

Oil Prices Decline on Hopes for Middle East Peace

Oil futures declined in Asian trading on April 17, driven by growing optimism that the Middle East conflict may be nearing an end. This sentiment emerged after a 10-day ceasefire between Lebanon and Israel went into effect, and U.S. President Donald Trump indicated that the United States and Iran might hold talks over the weekend. Brent crude futures fell by 1.35% to $98.05 per barrel, while U.S. West Texas Intermediate (WTI) futures dropped by 1.74% to $93.40. Both benchmarks had risen by approximately 4% the previous day.

Negotiations on Iran's Nuclear Program Progress

President Trump told reporters that Iran has proposed not possessing nuclear weapons for over 20 years, stating he believes a deal with Iran is "very close." Meanwhile, a senior Iranian government official indicated on April 16 that some progress had been made in reaching an agreement with the U.S. through Pakistan's mediation. However, significant differences regarding Iran's nuclear program and other issues still persist. Both sides are reportedly seeking an interim agreement to prevent a resumption of hostilities, rather than a comprehensive peace deal.

*Source: Reuters (2026-04-17)*

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