Oil dips amid US-Iran Strait talks
Oil prices have declined after reports indicated that Washington and Tehran are considering a phased agreement to reopen the Strait of Hormuz, reducing concerns over oil supply. Brent crude fell to $105.47 per barrel, and West Texas Intermediate dropped to $92.84, after having risen as much as 5% on Thursday. These developments come amid fears of Houthi attacks on Saudi Arabia and their impact on oil exports through the Red Sea, as well as negotiations between the United States and Iran regarding sanctions relief in exchange for opening the strait. These talks are influencing global oil flows.
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