Oil prices fell after reports of U.S. efforts to de-escalate tensions in the Middle East. Brent stood near $99 per barrel, while West Texas Intermediate traded between $95 and $96.50. Markets view the diplomatic initiative as a factor likely to reduce the geopolitical risk premium affecting oil production and shipping in the Gulf. The probability of crude reaching an all-time high by December 31 is now estimated at 8.5%. U.S.-Iran relations, upcoming OPEC meetings and any further regional disruption remain key factors for prices.
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