Oil drops after Trump Iran talks remarks
Oil prices declined on Friday after the United States and Iran showed signs of progress in negotiations. U.S. President Donald Trump confirmed he has no intention of launching an attack before the midterm elections in November, and an Iranian official stated that Tehran is considering Washington's response regarding the reopening of the Strait of Hormuz within a week. Despite the decline, Brent crude recorded a weekly increase of 4% due to earlier attacks on oil tankers in the region, while West Texas Intermediate is heading toward a slight weekly decrease. The market is also experiencing disruptions caused by Hurricane ISayas in the Gulf of Mexico, which halted about 1.3 million barrels per day of production, amid efforts by China to resume fuel exports and interventions by the International Energy Agency to compensate for supply shortages.
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