Oil falls as Brent drops 1.3%
Oil prices declined following reduced concerns about Middle Eastern supplies, as Brent crude fell by 1.3% to reach $102.91 per barrel, with West Texas Intermediate (WTI) futures dropping to $90.40. This came after U.S. President Donald Trump announced that his country would not attack Iran before the scheduled election next month, which helped stabilize the oil market somewhat. Despite this, Brent crude registered weekly gains after previous increases, while WTI experienced a slight decline. The market is also dealing with the effects of Hurricane Iansa in the Gulf of Mexico, which has led to the shutdown of approximately 1.3 million barrels per day, around 62.9% of U.S. production.
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