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Oil faces weekly decline amid Iran tensions
Oil prices retreated after two weeks of gains, despite rising at the settlement in the previous session, due to reports indicating that the Trump administration is not interested in reviving the previous agreement with Iran, complicating efforts to resume negotiations. Brent contracts fell by 0.3% to reach $89.45 per barrel, and West Texas Intermediate by 0.3% to $83.31, with Brent dropping 5.3% and WTI 4.3% over the week. Geopolitical tensions, including Moscow's threat to target British military targets in Ukraine, continue to add to concerns about weakening the oil market, amid ongoing worries over the lack of US-Iranian agreement progress on the nuclear deal.
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