Oil Prices Slide as US-Iran Truce Hopes Clash with Middle East Attacks

Oil prices fell on Friday as hopes for a US-Iran truce clashed with fresh security risks in the Middle East. Negotiators from both countries are discussing a phased route out of the war that would see Tehran reopen the Strait of Hormuz and Washington lift its economic blockade of Iran.

The Brent crude price slipped 96 cents, or 0.9%, to $105 a barrel, while West Texas Intermediate (WTI) declined $1.5, or 1.60%, to $93 a barrel. The muted start to Friday's session came after a volatile week for crude markets.

Iranian President Masoud Pezeshkian said the decision over when the war ends rests with the United States: 'It's America that must choose whether it wants to end this or not.'