Oil Prices Fall as US-Iran Diplomacy Eases Geopolitical Risk
Oil prices fell Friday as diplomatic signals between the US and Iran eased some geopolitical risk in markets. International benchmark Brent crude futures for November delivery traded at $105.70 a barrel, down 0.8% from the previous close of $106.60.
US President Masoud Pezeshkian told Fox News that Iran does not want war with the US and is ready to reach an agreement through negotiations. He said it was up to Washington to decide whether to end the war.
The comments added to expectations that diplomatic efforts could ease tensions between Tehran and Washington, potentially reducing the geopolitical risk premium in oil prices.
Meanwhile, signs of improving US-China trade relations are also weighing on oil prices. Chinese President Xi Jinping said the two countries had agreed on a 'new trade arrangement' during his meeting with Trump at the White House.