Oil Prices Slip as Markets Weigh Iran Truce Hopes Against Facility Attacks

Oil prices declined on Friday as markets weighed the possibility of a truce between the US and Iran against ongoing attacks on oil facilities. Brent crude fell by $0.74, or 0.69%, to $105.85 per barrel at 0032 GMT, while West Texas Intermediate (WTI) dropped by $0.81, or 0.86%, to $93.80 a barrel.

This comes after a week of volatility when oil prices rose to a one-week high on Thursday. Both contracts increased as much as 5% during that day, with Brent settling up 3.4% and WTI rising by 2.7%.

According to Tim Waterer, chief analyst at KCM Trade, diplomatic hopes are helping oil prices weather the latest military strikes in the Middle East. Since the war began in February, around a fifth of the world's oil and gas shipments have been curtailed, pushing up prices by 50% in March alone.