Oil retreats after a sharp rise
Oil prices edged lower on Friday after US President Donald Trump said Washington was holding productive discussions with Iran. He also said the United States would not attack Iran before next month’s midterm elections.
Brent crude futures fell 0.7% to $103.53 a barrel. US West Texas Intermediate crude dropped 0.6% to $90.97. The pullback followed a roughly 4% rise in oil prices on Thursday.
Supply risks continue to support prices
Despite Friday’s decline, Brent remained on track for a weekly gain. Earlier attacks on shipping carrying crude from the Middle East had raised supply concerns. Traders are also monitoring disruptions caused by a storm approaching the US Gulf Coast.
The market remains sensitive to developments around Iran and the Strait of Hormuz. Any disruption to shipments could tighten supply and push prices higher. Conversely, progress in diplomatic talks could ease some of the risk premium.
Traders will continue to watch regional security developments and US weather conditions. Both could influence short-term price movements. The balance between diplomatic progress and physical supply risks remains central to the oil market.
