Oil prices fell during early trading as expectations grew for further negotiations between the United States and Iran, which could reduce supply disruptions in the Middle East. Analysts from ANZ Research cited a media report stating, "The two sides are reportedly considering extending the ceasefire for another two weeks to allow more time for negotiating a peace agreement." The analysts noted in a research report, "Mediators are said to be pushing for compromises on unresolved issues, including the reopening of the Strait of Hormuz and Iran's nuclear enrichment program." Nearby West Texas Intermediate crude futures dropped 0.6% to $90.76 per barrel, while front-month Brent crude futures declined 0.4% to $94.57 per barrel.