Oil prices drop 2pc

Oil prices slid about 2 percent on Wednesday after paring deeper losses earlier in the trading session, as Iran reviewed a US proposal to end the war that has disrupted global energy flows from the Persian Gulf. Brent futures fell USD2.27, or 2.2 percent, to settle at USD102.22 a barrel, while US West Texas Intermediate crude futures fell USD2.03, or 2.2 percent, to settle at USD90.32. Earlier in the session, Brent futures were down by as much as 7 percent. Iran is still reviewing a US proposal to end the war in the Gulf, despite an initial response that was negative, a senior Iranian official told Reuters on Wednesday, indicating that Tehran had so far stopped short of rejecting it outright. US President Donald Trump will hit Iran harder if Tehran fails to accept that the country has been “defeated militarily,” White House press secretary Karoline Leavitt said.