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Oil falls after Trump's Iran remarks
Oil prices declined on Friday after U.S. President Donald Trump expressed that he has no intention of launching an attack on Iran before next month’s presidential elections, as constructive talks continue to end the conflict between the two sides. Futures for Brent crude fell by 0.7% to $103.53 per barrel, and West Texas Intermediate (WTI) decreased by 0.6% to $90.97. Brent was on track to achieve weekly gains after rising four percent on Thursday, driven by increased attacks on oil shipments in the Gulf. Trump confirmed that the United States is still engaged in discussions with Iran and that there are no plans for an attack before the election results. Meanwhile, economic pressure from Washington on Iran has continued, with new sanctions targeting Iranian oil tanker networks, amidst escalating tensions in the Gulf region.
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