Oil prices edge lower with no progress on US-Iran talks, Hormuz shipping still disrupted

Oil prices were marginally lower on Thursday after big gains in ‌the previous session amid the stalled peace talks between Iran and the United States, and as both nations maintained restrictions on the flow of trade through the Strait of Hormuz. Brent crude futures fell 15 cents to $101.76 a barrel, after settling above $100 ​for the first time in more than two weeks on Wednesday. West Texas Intermediate futures fell ​14 cents to $92.82. Both benchmarks closed more than $3 higher on Wednesday after larger-than-expected gasoline and ⁠distillate stock draws in the U.S., and over the lack of progress on peace talks. While U.S. President Donald Trump ​extended a ceasefire between the countries following a request by Pakistani mediators, Iran and the U.S. are still ​restricting the transit of ships through the Strait of Hormuz.