Crude oil prices fall for second day on renewed hopes for US-Iran truce talks. What lies ahead?

Oil prices declined for a second consecutive day on Wednesday, April 15, amid expectations that US-Iran peace talks could resume, potentially easing supply constraints from the key Middle East region affected by the Strait of Hormuz closure.

Brent crude futures slipped 52 cents, or 0.55%, to $94.27 a barrel, following a 4.6% drop in the previous session. Meanwhile, US West Texas Intermediate crude fell $1.04, or 1.1%, to $90.24 after plunging 7.9% a day before.