Oil Prices Plummet as US-Iran Talks Offset Saudi Supply Concerns

Oil prices took a hit on Friday as investors weighed the potential for progress in US-Iran diplomatic talks against ongoing concerns about supply disruptions in the Middle East.

The Brent crude price fell by $1.47, or 1.4%, to $105.11 per barrel, while West Texas Intermediate (WTI) prices declined $2, or 2.1%, to $92.61 per barrel.

Analysts pointed out that hopes for diplomatic progress had helped to limit oil price gains despite continued regional risks.