Oil set for weekly decline despite Iran tensions
Oil prices declined after experiencing gains that lasted for two weeks, despite escalating tensions with Iran. The Trump administration informed intermediaries that it was not interested in reviving a previous deal with Iran, complicating efforts to resume negotiations. Brent crude fell to approximately $89.45 per barrel, and West Texas Intermediate dropped to $83.31, with both benchmarks expected to close the week down by 5.3% and 4.3%, respectively. Amid ongoing geopolitical tensions, Moscow warned of the possibility of targeting British military objectives in Ukraine in response to Kyiv's attacks using missiles supplied by Britain. This comes amid reports of disagreements between the U.S. and Russia regarding their intentions to attack NATO countries.
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