Oil Prices Fall Amid US-Iran Ceasefire Hopes

Oil prices declined slightly on Friday as markets weighed the likelihood of a ceasefire between the US and Iran amid the bombing of Saudi Arabia by Houthi rebels.

The price of Brent crude fell by $0.87 (or 0.82%) to $105.73 per barrel, while West Texas Intermediate (WTI) crude declined by $1.56 (or 1.65%) to $93.05 per barrel.

This comes after a week of sharp price increases, with Brent crude reaching its highest closing level since September 15 and WTI posting its first increase in a long time, having lost 13% over the previous six sessions.

The spread between Brent and WTI prices reached $12.68, the widest gap since May, due to concerns about a possible US ban on diesel fuel exports, which could lead to an oversupply in the domestic market.