Oil Prices Plummet Amid Ongoing US-Iran Tensions

Oil prices dropped nearly 2% on Friday and are on track for their steepest weekly decline since early April, after reports of a potential US-Iran ceasefire deal.

Brent crude futures fell by $1.66 to $92.05 per barrel, while WTI U.S. oil futures dropped by $1.55 to $87.35.

The Brent benchmark has plummeted by about 11% this week for its steepest weekly decline since the week ending April 6, and WTI has dropped by nearly 10% for its biggest weekly loss since the week ending April 13.

Analysts say the market focus remains on the possibility of a deal between the US and Iran, despite UBS analyst Giovanni Staunovo's warning that 'the price drop could be forcing some market players to close their long positions'.