Oil Prices Slump Amid US-Iran Tensions

Oil prices are on track to end the week lower, despite simmering tensions between the US and Iran. The Brent crude futures benchmark fell by 25 cents to $89.45 a barrel, while West Texas Intermediate crude futures dropped by 22 cents to $83.31. These declines come after a report that President Donald Trump is not interested in returning to previous deal terms with Iran.

The two benchmarks were poised to end the week lower, with Brent down 5.3 percent and WTI falling 4.3 percent. The US has imposed what it calls 'the toughest sanctions in history' on Iran, which Tehran has described as an 'inhumane and hostile act.'