Oil prices declined in early trading on Friday, extending a volatile week, after U.S. President Donald Trump signaled progress in talks with Iran and announced a temporary pause in attacks on the country’s energy facilities.
Brent crude fell by 90 cents, or 0.8%, to $107.11 per barrel, while U.S. West Texas Intermediate (WTI) dropped 83 cents, or 0.88%, to $93.65.
Despite strong gains on Thursday—when Brent rose 5.7% and WTI climbed 4.6% amid fears of escalation—both benchmarks are now heading for weekly losses, with Brent on track for its first weekly decline in six weeks and WTI marking a second consecutive weekly drop.
Trump said he would halt strikes on Iran’s energy infrastructure for 10 days to allow space for negotiations, expressing confidence that discussions were progressing well.
However, an Iranian official described a U.S. proposal presented through Pakistan as “one-sided and unfair.”
The U.S. president also claimed Iran had allowed several oil tankers to pass through the Strait of Hormuz as a goodwill gesture, though tensions remain high in the region.
The conflict has severely disrupted oil shipments through the strait, which typically handles about 20% of global crude and liquefied natural gas supplies.
Analysts say markets are currently betting on a relatively quick resolution, which has limited further price increases despite ongoing geopolitical risks.
Source: Reuters.
