Oil declines as Iran opens up to diplomacy and U.S. inventories.

Oil prices fell on Thursday after rising 4% in the previous session, as Iran announced its openness to a diplomatic path to end the war with the United States, amid ongoing disagreements between the two countries regarding mechanisms to reach an agreement.

Brent crude futures dropped by 94 cents, or 0.9%, to $102.13 a barrel, while West Texas Intermediate crude futures fell by 59 cents, or 0.7%, to $91.56.

The U.S. Energy Information Administration reported a rise in crude oil inventories in the United States by 3 million barrels during the past week, reaching 426.4 million barrels.

U.S. fuel inventories declined as traders continue to assess reports regarding the potential imposition of restrictions on American diesel exports, despite the White House denying reports of preparing a plan for a 90-day export ban.