Oil Prices Slide on US-Iran Tensions and Strait of Hormuz Concerns

Oil prices are expected to fall for the week due to ongoing tensions between the US and Iran, which have been keeping markets on edge.

The Brent futures price has slipped by 25 cents or 0.3 percent to $89.45 a barrel, while U.S. West Texas Intermediate crude futures are down 22 cents or 0.3 percent at $83.31 a barrel.

This represents the first weekly decline in three weeks for oil prices, with Brent futures on track for a 5.1 percent loss and WTI futures for a 4.5 percent loss.

The market is factoring in stalled US diplomacy efforts with Iran, as well as concerns about supply disruptions due to tensions around the Strait of Hormuz.