Oil prices tumbled more than 1% on Friday, on track to record their steepest weekly decline since April, as markets were rattled by reports of potential US-Iran negotiations that could ease shipping restrictions through the Strait of Hormuz and flood markets with additional supply.
By 07:56 GMT, Brent crude July futures dropped 1.32%, shedding $1.24 to settle at $92.47 per barrel, while US West Texas Intermediate (WTI) futures fell 1.55%, losing $1.38 to reach $87.52 per barrel.
Brent crude has now lost 10.5% for the week — its worst weekly performance since the week ending April 6 — while WTI shed approximately 9.2%, marking its largest weekly drop since mid-April.
Analysts told dzwatch that the sharp sell-off reflects easing supply fears, particularly amid signals of a possible ceasefire deal and diplomatic progress between Washington and Tehran, which could gradually restore regional stability and boost crude output.
