Oil Prices Slide Amid US-Iran Uncertainty and New Sanctions
Oil prices declined on Friday, putting both major benchmarks on course to end a two-week winning run. The uncertainty over U.S.-Iran relations has persisted, with Brent crude futures up by 1.33% at $88.19 per barrel and West Texas Intermediate (WTI) crude futures down by $0.84 or 1.02% to $81.39 per barrel. This comes after a Wall Street Journal report indicated that U.S. President Donald Trump was unwilling to return to the terms of a previous agreement with Iran, adding further uncertainty to efforts aimed at reviving diplomatic engagement between Washington and Tehran.
The decline is significant, with Brent down 5.3% for the week and West Texas Intermediate (WTI) lower by 4.3%. The Trump administration has repeatedly conveyed to mediators that it does not intend to revive the memorandum of understanding reached in June, creating additional hurdles for renewed negotiations. Tensions have intensified after the U.S. declared a fresh package of sanctions against Iran, describing them as the toughest measures imposed on the country.