Oil Prices Ease Amid Reports of Restarted US-Iran Talks

Oil prices have taken a breather on Friday after plummeting nearly 4% and 3%, respectively, for Brent crude and U.S. West Texas Intermediate futures. The decline comes as Pakistan is reportedly seeking to restart talks between the United States and Iran, a development that has been met with caution by some.

The Brent crude benchmark closed at $96.78 a barrel, while U.S. West Texas Intermediate settled at $89.31 per barrel. This marks a significant drop from earlier in the week, but still sets oil prices up for a 10% weekly gain if trends hold.

While some have expressed optimism about the potential resumption of peace talks between the U.S. and Iran, others remain skeptical about the prospects for a meaningful breakthrough.