Oil falls below $104 as U.S.-Iran tensions ease

Oil prices dropped below $104 as concerns over a potential war between the United States and Iran subsided, following comments from U.S. President Donald Trump indicating that Washington will not attack Iran before the midterm elections scheduled for November, amid constructive talks to de-escalate tensions. Brent crude prices fell to $103.53, and West Texas Intermediate to $90.97, despite Brent recording weekly gains of approximately 4% due to increased attacks on oil shipments in the Gulf. The U.S. continues to impose sanctions on Iran to weaken its supply capabilities, while tensions have temporarily eased after officials' statements suggested a possible de-escalation before the U.S. elections, even as the region remains embroiled in ongoing oil and political conflicts.

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