US-Iran Talks Send Oil Prices Tumbling on Strait of Hormuz Concerns

Oil prices declined in Asian trading on Friday as reports of US-Iran talks to reopen the Strait of Hormuz tempered some supply concerns.

The November futures contract fell 1.1% to $105.47 per barrel, while the December contract dropped 1.9% to $92.84 per barrel.

The gains from Thursday's session were reversed after Saudi Arabia said it intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis toward areas including Taif and the Yanbu region on the Red Sea.

The attacks revived concerns about Saudi oil infrastructure and export routes, particularly after earlier damage to the kingdom's East-West pipeline disrupted crude shipments to Yanbu.