WTI Crude Prices Dip as US-Iran Tensions Ease

International oil prices have taken a hit as tensions between the US and Iran ease somewhat. West Texas Intermediate (WTI) crude for October delivery is trading at $90.72 a barrel, down 0.6% from the previous session.

The recent surge in oil prices was partly driven by concerns over supply disruptions due to military tensions around the Strait of Hormuz. However, with no new attacks reported overnight and the US government's desire to avoid escalating the situation into a broader conflict, oil prices have come under pressure.

Despite Friday's decline, WTI is still on track for its biggest weekly gain since July. Tensions surrounding the Strait of Hormuz continue to pose concerns over potential supply disruptions.