Oil prices fell after reports that the US and Iran gave preliminary approval to a mediation proposal.

According to Israeli media reports, a proposal submitted today by Pakistan's Army Chief of Staff to senior Iranian officials has received U.S. approval, and Iran has also given its preliminary consent. The plan reportedly includes secret inspections of Iranian nuclear facilities by the International Atomic Energy Agency (IAEA).

It also partially addresses Iran's demand for the return of frozen funds, stipulating that interest generated from $6 billion in Iranian funds frozen in Qatari banks be transferred to Iran.