Brent Crude Falls After US-Iran Truce Talks Eases Price Pressure

Oil prices eased on Friday after surging to over $108 per barrel in the previous session, as investors weighed the possibility of a truce between the US and Iran against Houthi attacks on Saudi Arabia.

Brent crude was down 1.2 percent to $105.3 a barrel at 10am UAE time, while West Texas Intermediate (WTI) traded 2 percent lower at $92.72 per barrel.

The sharp price increase on Thursday followed reports of Iranian military adviser threats to widen the conflict and Saudi Arabia's interception of Houthi-launched missiles.

However, news that US and Iranian negotiators were exploring a phased deal to reopen the Strait of Hormuz moderated the rally, leading Brent to close at $106.6 per barrel on Thursday before falling further on Friday.