Brent and WTI Prices Decline Amid Truce Prospects

Oil prices continued their downward trend on Friday as markets assessed the prospects of a truce between Washington and Tehran. The previous session saw both Brent and WTI benchmarks rally, with Brent settling at its highest level since September 15.

Brent futures extended losses on Friday, falling 1.45% to $105.04 per barrel. Meanwhile, US crude prices fell over 2% to $92.55 per barrel, a drop of 2.20%. The spread between the two benchmarks widened to its widest since May, exceeding $12.60 per barrel.

Markets are awaiting Baker Hughes' weekly US oil and gas rig count for further indications on the outlook for US supply.