Oil Prices Drop Amid Growing Hope for US-Iran Truce

Oil prices dropped by about 3% on Friday due to growing hopes for a truce between the US and Iran, despite concerns over increasing attacks against Saudi Arabia by Houthi fighters.

The Brent crude futures settled at $104.32 a barrel, while US WTI crude finished at $92.41 a barrel. The week's performance saw Brent rise 0.4%, but WTI fell 9.7%.

Negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.

The Saudi, Turkish, and Pakistani military chiefs will discuss helping Saudi Arabia as it faces Houthi attacks, which have disrupted oil flows from the world's largest energy exporter.