Iran Tensions and Venezuelan Deal Send Oil Prices Slumping

Oil prices declined on Friday, putting both major benchmarks on track for a weekly loss after two consecutive weeks of gains. Brent crude fell to $89.10 per barrel and West Texas Intermediate dropped to $82.89.

The losses come despite a brief rebound on Thursday, when markets responded to news that the Trump administration has no interest in reviving the June peace deal with Iran. The agreement lapsed earlier in August, but Tehran has repeatedly stated that the U.S. must honor it before new talks can begin.

Washington's stance was echoed by a report from the Wall Street Journal, which stated that the Trump administration is not currently engaged in active negotiations with Iran. Meanwhile, Venezuela is reportedly considering leaving OPEC as its ties with the U.S. deepen.