(Sharecast News) - Oil prices fell on Tuesday afternoon following reports the US and Iran may be willing to make concessions to end the conflict in the Middle East.
According to Al Araby Al Jadeed, which cited sources close to the mediation team, the US has approved a draft memorandum of understanding that the Qatari delegation presented to Iran on Monday.
It was understood that Iran will make certain changes to its nuclear doctrine, while the US will release a portion of Iran's frozen assets. The arrangement would serve as a preliminary agreement and create conditions for the two sides to resume negotiations.
Meanwhile, earlier on Tuesday, Bloomberg cited a diplomat briefed on the matter as saying that the two sides are reviewing the latest proposals from mediators on how to bridge their divides and avert another round of all-out war.
At 1435 GMT, Brent crude was down 1.1% a $103.63 a barrel and West Texas Intermediate was off 0.3% at $96.28. Prices had risen earlier in the session following reports the US launched strikes on Iran's Qeshm Island in the Strait of Hormuz.