Oil Prices Plummet Ahead of Iran-US Ceasefire Talks

Oil prices fell sharply on Friday ahead of talks between Iran and the US aimed at securing a permanent ceasefire, capping a week in which contracts plummeted by 12.7% for Brent futures and 13.4% for WTI crude futures.

The decline was driven by concerns over potential supply disruptions in Saudi Arabia and continued attacks on energy infrastructure in the Middle East, with shipping through the Strait of Hormuz remaining heavily restricted.

Brent futures settled down 72 cents, or 0.8%, at $95.20 a barrel, while WTI crude futures fell $1.30, or 1.3%, to settle at $96.57 a barrel.