Oil drops on Trump Iran talks

Oil prices declined today, Friday, after U.S. President Donald Trump announced that his country would not attack Iran before the upcoming midterm elections in November, alleviating concerns about Middle Eastern supply disruptions. Brent crude prices fell by 1.3% to $102.91 per barrel, while West Texas Intermediate (WTI) decreased by 1.2% to $90.40. Nonetheless, Brent is expected to record weekly gains after rising 4% on Thursday due to increased attacks on oil tankers, whereas WTI is anticipated to see a slight decline over the week. The ongoing U.S. economic pressure and new sanctions on Iran, along with the repercussions of Hurricane Iasias in the Gulf of Mexico—which halted approximately 62.9% of oil production—continue to influence the global oil market.

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