Oil Prices Edge Lower Amid Hopes for Middle East De-escalation

Oil prices declined on Friday as market analysts assessed a mix of factors, including hopes for de-escalation in the Middle East.

The Brent crude price dropped by 74 cents, or 0.69 percent, to $105.85 a barrel, while West Texas Intermediate (WTI) crude fell by 81 cents, or 0.86 percent, to $93.80 a barrel, according to Reuters.

This decline comes after oil prices rose more than 3 percent on Thursday, reaching their highest level in a week, due to concerns over possible disruptions to energy supplies following missile attacks on Saudi Arabia.

However, reports of US-Iranian talks aimed at reopening the Strait of Hormuz limited further gains in oil prices, as per Reuters.