Oil Prices Slide as US-Iran Truce Hopes Weigh Against Saudi Arabia Attacks
Oil prices declined on Friday as markets weighed the possibility of a truce between the US and Iran against concerns that increasing attacks against Saudi Arabia by Houthi rebels could disrupt supply from the key Middle Eastern producer.
Brent fell $1.47, or 1.4 per cent, to $105.11 a barrel at 0541 GMT, while West Texas Intermediate (WTI) dropped $2, or 2.1 per cent, to $92.61 a barrel.
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, sources close to the talks said this week.
Saudi Arabia intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis on Thursday, thwarting attacks on the southern province of Taif and the Yanbu area on the Red Sea.