Trump's comments boost oil prices

Oil prices retreated on Friday after concerns about Middle East supplies eased, following U.S. President Donald Trump's remarks that he would not launch an attack on Iran before the upcoming U.S. elections in November, and that negotiations with Tehran are progressing productively to end the war and secure global oil supplies. Brent contracts fell by 1.23% to $103 per barrel, while West Texas Intermediate contracts decreased by 1.16% to $90.43, although Brent is on track for a weekly gain, having risen 4% last Thursday. The market remains volatile due to threats to the Strait of Hormuz, along with a partial halt of fuel exports from China following the holiday, and a hurricane in the Gulf of Mexico that stopped production of 1.3 million barrels per day, all supporting oil prices despite ongoing challenges.

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