Oil Falls 3% on US-Iran Ceasefire Hopes
Oil prices declined by about 3% today, Friday, due to growing hopes of reaching a ceasefire between the United States and Iran, amid concerns that Houthi attacks on Saudi Arabia could disrupt oil supplies in the Middle East. Currently, a de-escalation path is being discussed in New York, including reopening the Strait of Hormuz and lifting economic sanctions on Iran, which helps support oil prices despite ongoing military escalation. Futures contracts for Brent crude traded around $103.64 per barrel, while West Texas Intermediate was approximately $91.75, with expectations of a decrease in their prices during the week, amidst continued oil flows through the Strait of Hormuz at levels close to those of the previous week.
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