Oil Prices Slide as Iran Tensions Persist
Oil prices fell on Friday as markets remained focused on developments surrounding Iran and the flow of crude through the Strait of Hormuz. Both major benchmarks, Brent crude futures and US West Texas Intermediate (WTI), headed towards weekly declines.
Brent crude futures dropped 60 cents, or 0.67%, to $89.10 a barrel, while WTI declined 64 cents, or 0.77%, to $82.89. The fall puts Brent on course for a 5.3% weekly decline and WTI for a 4.3% loss, potentially ending two consecutive weeks of gains.
Market sentiment remained cautious despite a rise in oil prices during the previous session following reports that US President Donald Trump was unwilling to return to earlier terms of a proposed agreement with Iran. The uncertainty has added another layer of risk to an already volatile energy market.