Oil Prices Fall Amid Escalating Geopolitical Tensions

Oil prices have fallen and are on track to snap their two-week winning streak despite settling higher in the previous session following reports of US President Donald Trump's stance on Iran. According to a report by the Wall Street Journal, the Trump administration has repeatedly told mediators it has no interest in reviving the June memorandum of understanding with Iran.

Both Brent crude futures and West Texas Intermediate crude futures fell 25 cents and 22 cents respectively, or 0.3%, to $89.45 a barrel and $83.31 a barrel by 0035 GMT. The benchmarks are poised to end the week lower, with Brent down 5.3% and WTI falling 4.3%. The decline comes amid escalating geopolitical tensions between Russia and Ukraine, with Moscow warning it could strike British military targets.

Trump, however, said Russian President Vladimir Putin will not attack a North Atlantic Treaty Organization (NATO) country, and he downplayed media reports that CIA Director John Ratcliffe had warned Russian officials against such an attack. Britain is one of the founding members of NATO.