Commodities
Oil Prices Plummet as Truce Hopes Clash with Saudi Arabia Attacks
Oil prices declined by more than 1% on Friday as markets weighed the potential for a truce between the US and Iran against concerns over escalating attacks on Saudi Arabia by Houthi fighters.
The Brent crude benchmark fell $1.08, or 1%, to $105.52 a barrel, while West Texas Intermediate (WTI) dropped $1.68, or 1.8%, to $92.93 a barrel.
US and Iranian negotiators are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade on Iran, according to sources close to the talks.
Since the war began in February, around 20% of global oil and gas shipments have been curtailed.