International oil prices declined after Asian markets opened, driven by optimism that the ongoing Middle East conflict could end soon following the implementation of a ceasefire between Israel and Lebanon. As of 00:21 GMT on Friday, Brent crude futures dropped by more than one percent to 98.05 dollars per barrel, while U.S. crude prices fell below 94 dollars.

Earlier in March, oil prices had surged nearly 50 percent to record highs amid tensions involving the United States, Israel, and Iran. Recently, prices have fallen below 100 dollars, though they have remained around the 90-dollar range throughout the week. The easing of geopolitical risks has contributed to the latest downward trend.

U.S. President Donald Trump stated that American officials may meet Iranian representatives in Pakistan this week, a potential diplomatic initiative that has drawn investor attention and added a positive tone to market sentiment.