WASHINGTON (dpa-AFX) - Oil prices fell back to under $100 Tuesday as hopes of a second round of US-Iran peace talks came alive with President Donald Trump saying that Iran had contacted U.S. officials regarding a potential deal to end hostilities.
Brent crude oil price decreased by nearly 1 percent to $98.61 a barrel, while the US-traded WTI fell by more than 2 percent to $96.59.
'I can tell you we've been called by the other side. They'd like to make a deal very badly,' Trump told reporters outside the White House Monday.
The New York Times reported citing Iranian and U.S. officials that Iran proposed withholding enrichment of uranium for up to five years. This proposal is nowhere near Washington's demand of suspending uranium enrichment for two decades.
Meanwhile, in an interview with Fox News, US Vice-President JD Vance said a lot of progress was made in the weekend peace talks in Pakistan.
The ball is in Iran's court, according to him.
He described Iran's blockade in the Strait of Hormuz an 'act of economic terrorism'.
'Well, as the president of the United States showed, two can play at that game. If the Iranians are going to try to engage in economic terrorism, we're going to abide by the simple principle that no Iranian ships are getting out, either,' he told Fox News' Brett Baier.
The Trump-ordered blockade of vessels of all nations entering or departing Iranian ports and coastal areas in the Strait of Hormuz has begun at 10 a.m. ET Monday, and is in place, according to Trump.
But BBC reported citing Data from MarineTraffic that two U.S.-sanctioned tankers have passed through the vital energy route after Washington's naval blockade began.
Iran's ambassador to the United Nations Amir Saeid Iravani said the U.S. blockade on Iranian ports is a 'grave violation' of its sovereignty.
The 'unlawful' blockade 'constitutes a serious violation of the fundamental principles of the international law of the sea', he said in a letter to the UN Secretary General Antonio Guterres.
The United States and Iran must continue talks aimed at ending the Middle East war, Guterres said on Monday, underscoring that there is no military solution to the conflict.
Marathon discussions hosted by Pakistan in the country's capital, Islamabad, at the weekend, ended in stalemate.
While no agreement was reached, 'the discussions themselves underscored the seriousness of their engagement and constituted a positive and meaningful step toward renewed dialogue,' UN Spokesman Stephane Dujarric said in a statement.
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