Oil and gas prices fell on Thursday as hopes for peace talks between the United States and Iran eased concerns about energy supplies from the Middle East.
Brent crude futures dropped towards $114 a barrel, moving away from a four-year high of $117, while European natural gas prices also recorded a significant decline.
Brent and WTI crude prices fall
Brent crude futures fell 0.90% to $114.29 a barrel on Thursday morning.
US West Texas Intermediate (WTI) crude futures dropped 1.38% to $101.30 a barrel.
The declines followed gains on Wednesday, when Brent rose 1.3% and WTI climbed 3%.
European gas prices drop below €100
European natural gas prices also fell sharply, with November futures on the Dutch TTF benchmark, a key reference price for the European market, down 3.8% to €96.63 per megawatt-hour.
The market movements came amid hopes for diplomatic progress between Washington and Tehran, which helped ease concerns over potential disruptions to energy supplies from the Middle East.
Developments in the region remain a key factor for oil and gas markets, as uncertainty over supply can contribute to price volatility.
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