Oil drops below $90 on U.S. decision

The price of Brent crude oil dropped by 1.6% to around $88.94 per barrel after U.S. President Donald Trump announced that the United States and Iran might reach a peace agreement to reopen the Strait of Hormuz to navigation, which led the market to decline. Similarly, West Texas Intermediate crude also fell by 1.4% to $86.48, with weekly losses of approximately 4.2% and 4.4%, respectively, amid expectations of easing inflation worries following the increase in U.S. producer prices in May.

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