Oil Prices Tumble as US-Iran Truce Hopes Weigh Against Saudi Disruptions

Oil prices fell on Friday as markets weighed the possibility of a truce between the US and Iran against concerns that increasing attacks against Saudi Arabia by Houthi rebels could disrupt supply from the key Middle Eastern producer.

Brent crude was down $1.47, or 1.4%, at $105.11 a barrel at 0541 GMT, while West Texas Intermediate (WTI) fell by $2, or 2.1%, to $92.61 a barrel.

The US and Iran's diplomatic efforts have raised hopes for a truce, which could alleviate tensions in the region and potentially stabilize oil prices.