Oil Prices Snap Two-Week Winning Streak Amid U.S.-Iran Tensions
Oil prices fell on Friday and are set to snap a two-week winning streak. Despite settling higher in the previous session, Brent crude futures were down 25 cents, or 0.3%, to $89.45 a barrel by 0035 GMT. West Texas Intermediate crude futures also fell 22 cents, also 0.3%, to $83.31.
The decline comes as the U.S. administration has repeatedly told mediators it has no interest in reviving the June memorandum of understanding with Iran, complicating diplomatic efforts to restart talks. The Wall Street Journal reported that people familiar with the matter confirmed this stance, which has been reinforced by Washington's announcement on Monday of 'the toughest sanctions in history' on Iran.
The tensions between the U.S. and Iran have led to a rise in geopolitical tensions elsewhere, including Moscow's warning it could strike British military targets inside and outside Ukraine in response to Kyiv's attacks using British-supplied long-range cruise missiles. However, President Trump downplayed reports that CIA Director John Ratcliffe had warned Russian officials against such an attack.