Oil Prices Plummet Amid Ongoing Tensions
Oil prices fell on Friday and are on track to snap a two-week winning streak, despite settling higher in the previous session following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran.
Brent crude futures were down 25 cents, or 0.3%, to $89.45 a barrel by 0035 GMT, while West Texas Intermediate crude futures fell 22 cents, also 0.3%, to $83.31. Both benchmarks are poised to end the week lower, with Brent down 5.3% and WTI falling 4.3%.
The decline comes as geopolitical tensions escalated after Moscow warned it could strike British military targets inside and outside Ukraine in response to Kyiv's attacks on Russian territory using British-supplied long-range cruise missiles. Trump, however, said Russian President Vladimir Putin will not attack a North Atlantic Treaty Organization (NATO) country.