Oil Prices Decline Amid US-Iran Truce Hopes and Saudi Arabia Attacks

Oil prices fell by about 3% on Friday as hopes for a truce between the US and Iran rose, despite concerns over increased attacks against Saudi Arabia.

The Brent futures price rose $2.96, or 2.8%, to $103.64 a barrel, while West Texas Intermediate (WTI) crude fell $2.86, or 3.0%, to $91.75.

Diplomatic efforts are helping oil prices withstand the latest military strikes in the Middle East, with crude trading moderately softer despite the attacks, according to Tim Waterer, chief analyst at KCM Trade.

Crude oil flows out of the Strait of Hormuz reached 33.7 million barrels in the week starting September 20, preliminary ship-tracking data from Kpler showed on Friday.