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Oil Prices Fall On Easing Tensions Over Iran

Mark Wilson/Getty Images

NEW YORK (AP) — Oil prices are falling as tensions eased over Iran’s nuclear program.

Benchmark U.S. crude lost 60 cents to $102.23 per barrel in New York while Brent crude lost $2.01 to $119.22 per barrel in London.

Iran, the world’s third-largest oil exporter, has been accused of developing a nuclear weapon. Western nations have taken steps this year to halt Iran’s oil trade in hopes of convincing its leaders to negotiate.

After a weekend of talks with representatives from the U.S. and other countries, Iran’s foreign minister said that his country could settle the dispute “quickly and easily.”

Meanwhile, U.S. gasoline prices were flat at a national average of $3.907 per gallon. Gasoline prices have leveled off during the past week, though experts still predict that they’ll climb higher by Memorial day.

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