Oil Prices Slide Amid US-Iran Tensions
Global oil prices have dropped on Friday, marking an end to their two-week upward trend. The decline comes despite ongoing tensions in US-Iran relations.
The market reacted to news that the Trump administration has no intention of returning to the previous terms of the agreement with Iran. This stance complicates further diplomatic efforts, according to sources cited by the WSJ.
Brent crude oil futures have fallen by 25 cents, or 0.3%, trading at $89.45 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil futures decreased by 22 cents, or 0.3%, to $83.31 per barrel.
The Strait of Hormuz remains mined, highlighting ongoing risks to energy security. The US has imposed new sanctions on Iran, which Tehran has deemed 'inhumane and hostile.' These measures have lost their effectiveness, according to Iranian officials.