Oil prices fell slightly on Thursday as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising crude inventories in the United States. Brent futures were down 42 cents,

Oil prices declined on Thursday amid growing optimism about a potential peace deal for Ukraine, which could lead to increased Russian oil supply and lower prices.

Russia is the world's third-largest oil producer and sanctions imposed on its crude exports after its invasion of Ukraine nearly three years ago have supported higher prices

Oil prices fell on Thursday on expectations a potential peace deal between Ukraine and Russia would mean the end of sanctions that have disrupted supply flows and U.S. President Donald Trump's intention to introduce reciprocal tariffs stoked inflation jitters.