Oil prices fall after media report about a deal between US and Iran

NEW YORK — Oil prices reversed course to trade lower on Thursday after Axios reported that the US and Iran have reached an agreement for a 60-day ceasefire extension and the start of talks on Iran's nuclear program.

Brent crude futures fell 22 cents, or 0.2%, to $94.07 a barrel as of 10:20 a.m. ET (1420 GMT). US West Texas Intermediate futures CLc1 were unchanged at $88.68.

Both benchmarks had been up more than 2% earlier in the session after Iran's Revolutionary Guards said they had targeted a US airbase in response to a US attack in the port city of Bandar Abbas.

The agreement between the US and Iran still needs final approval from President Donald Trump, who has told mediators that he wants a few days to make the final decision, Axios reported citing US officials and a source involved in the mediation. — Reuters