Commodities
Oil Prices Slip as Truce Hopes Offset Saudi Supply Concerns
Oil prices declined around 1% on Friday as market participants weighed the potential for a truce between the US and Iran against concerns over increased attacks on Saudi Arabia by Houthi fighters.
The Brent futures price fell to $105.46 per barrel, while West Texas Intermediate (WTI) crude dropped to $93.56.
US-Iran 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.
The Houthi attacks on Saudi Arabia have disrupted oil flows from the world's largest energy exporter, with 33.7 million barrels exported through the Strait of Hormuz in the week starting September 20.