Oil Prices Plummet on US-Iran Tensions and Trade Disputes

Oil prices took a hit on Friday, ending a two-week winning streak despite rising tensions between the US and Iran. According to a report by the Wall Street Journal, the Trump administration has told mediators it's not interested in reviving a previous deal with Iran, complicating diplomatic efforts.

Brent crude futures fell 25 cents, or 0.3%, to $89.45 a barrel by 0035 GMT, while West Texas Intermediate crude futures dropped 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 Trump administration's stance on Iran has led to a surge in tensions between the two nations, with Tehran calling US sanctions an 'inhumane and hostile act' that have lost their effectiveness. The situation escalated further after Moscow warned it could strike British military targets inside and outside Ukraine in response to Kyiv's attacks using British-supplied long-range cruise missiles.