Oil Prices Steady Amid US-Iran Diplomatic Talks

Oil prices remain steady as traders weigh US-Iran diplomatic talks against crude flows through the Strait of Hormuz. The Brent crude futures price stands at $89.65 a barrel, down 5 cents from Thursday's close.

The weekly decline in oil prices is expected to be due to available volumes exiting the Strait and the pace of ramp-up in flows allowing Asian refiners to consume more oil. This has caught the market off guard with additional flow through the Iran-Oman shipping corridor and US mine clearance claims.

Rystad analyst Janiv Shah attributed the weekly decline to these factors, while PVM Oil Futures analyst John Evans warned that the ramifications of the war on OPEC membership, China's demand, and global refinery issues are still uncertain.