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Oil Prices Fall Amid Hopes for US-Iran Truce

Guavy AI Editorial Team
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Oil
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Oil prices dropped about 3% on Friday as hopes for a truce between the US and Iran increased. The decline came despite rising tensions in the Middle East, particularly with Saudi Arabia facing attacks from Yemen's Houthi fighters.

The Brent futures price rose $2.96 to $103.64 per barrel, while West Texas Intermediate (WTI) crude fell $2.86 to $91.75. This put Brent down about 1% for the week and WTI down around 9%.

US and Iranian negotiators 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, according to sources close to the talks.

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