Oil Prices Slide 3% Amid US-Iran Ceasefire Hopes

Oil prices declined approximately 3% on Friday as growing hopes of a ceasefire between the United States and Iran outweighed concerns about potential supply disruptions.

The Brent crude futures price fell $2.96, or 2.8%, to $103.64 a barrel by 12:12 p.m. Eastern Time, while West Texas Intermediate (WTI) crude declined $2.86, or 3%, to $91.75 a barrel.

The diplomatic breakthrough in negotiations between the US and Iran has eased some of the market's concerns over prolonged supply disruptions in the region.

According to Tim Waterer, chief market analyst at KCM Trade, 'The diplomatic hopes are essentially helping oil prices withstand the recent military strikes in the Middle East, with crude trading slightly lower despite those attacks.'