Oil prices fall as the United States and Iran agree to hold talks.

Oil prices fell, with the United States and Iran agreeing to hold talks in Oman on Friday. Brent crude fell 1.6% to $68.35 per barrel; West Texas Intermediate fell 1.7% to $62.90 per barrel. Oil prices had risen over 3% in the previous trading session, when negotiations seemed to be at risk of breaking down. Analysts say that uncertainty surrounding these talks is expected to continue to be reflected in market prices, driven by concerns that the US may strike Tehran and that the oil-rich region may see a wider conflict. Additionally, the latest data from the US Energy Information Administration shows that crude oil inventories decreased by 3.5 million barrels last week, as production fell due to Winter Storm Fern, partially offsetting the increase in imports.