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Oil drops on US-Iran talks prospects
Oil prices declined by more than 1% during today's trading on Friday, amid hopes of reaching a ceasefire between the United States and Iran, and concerns over supply disruptions due to increasing Houthi attacks on Saudi Arabia. Brent crude fell by $1.34 (1.3%) to $105.26 per barrel, while West Texas Intermediate (WTI) dropped by $1.83 (1.9%) to $92.78. Despite this, Brent has risen by 1.5% since the beginning of the week, whereas WTI has decreased by 7.4%. Negotiations between Washington and Tehran are exploring a phased approach to ending the conflict, including reopening the Strait of Hormuz and lifting the blockade, with oil flows through the strait remaining around 33.7 million barrels per week. Additionally, Saudi Arabia is moving to boost its exports via a pipeline transporting oil from the east to Yanbu. The gap between Brent and WTI prices continues to widen, reaching its highest level since May, amid concerns about the impact on diesel and gasoline prices.
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