Oil Prices Slide as Truce Hopes Weigh Against Saudi Disruptions

Oil prices fell by about 1% on Friday as markets weighed the possibility of a truce between the US and Iran against concerns that increasing attacks against Saudi Arabia could disrupt supply.

The Brent futures price dropped $1.14, or 1.1%, to $105.46 a barrel, while West Texas Intermediate (WTI) crude fell $1.05, also 1.1%, to $93.56.

US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, according to sources close to the talks.