Crude oil prices have extended their losses for the second day, with Brent crude futures falling 0.37% to $94.44 a barrel and US West Texas Intermediate crude declining 1.04% to $90.33. This decline is largely attributed to renewed optimism surrounding potential peace talks between the US and Iran, which could lead to a resolution of the conflict and an increase in oil supply from the Middle East. US President Donald Trump indicated that discussions to end the war with Iran might resume in Pakistan within the next two days. This statement has heightened expectations that a settlement could restore crude oil and fuel flows. However, despite a two-week ceasefire, the situation remains precarious, with traffic through the Strait of Hormuz significantly reduced compared to pre-war levels, as reported by Reuters.