Oil prices experienced a decline on Thursday, with Brent crude futures falling 0.5% to $94.49 per barrel and US West Texas Intermediate crude futures decreasing 0.8% to $90.59. This drop follows reports of easing tensions between the US and Iran, which had previously raised concerns over potential supply disruptions. The Strait of Hormuz, a vital route for 20% of the world's oil and liquefied natural gas shipments, may see increased activity as Iran considers allowing ships to transit. The White House expressed optimism about reaching an agreement to de-escalate the conflict with Iran, while also warning of heightened economic pressure if Tehran remains uncooperative. Meanwhile, US Treasury Secretary Scott Bessent confirmed that the US would not extend waivers that previously allowed the purchase of Iranian and Russian oil without sanctions.