Oil prices edged lower on Friday as markets weighed conflicting factors, including the possibility of a ceasefire between the United States and Iran and ongoing Houthi attacks on Saudi Arabia.
Brent crude fell 74 cents, or 0.69%, to $105.85 a barrel, while West Texas Intermediate (WTI) crude dropped 81 cents, or 0.86%, to $93.80 a barrel.
Trading got off to a subdued start, in contrast to a volatile week. Oil prices rose on Thursday to their highest level in a week, with Brent settling 3.4% higher and WTI gaining 2.7%.
Meanwhile, U.S. and Iranian negotiators in New York are exploring a phased path toward ending the war, including Iran reopening the Strait of Hormuz and Washington lifting its economic blockade on Iran, according to sources familiar with the talks this week.
Iranian President Masoud Pezeshkian said on Thursday that the United States should decide when the war between the two countries will end.
The Saudi-led coalition in Yemen said Saudi Arabia had intercepted six ballistic missiles launched by the Houthis, thwarting attacks targeting Taif Governorate and Yanbu on the Red Sea.
Saudi Arabia is working to increase the amount of crude oil pumped through the East-West pipeline, which runs to the Saudi export hub of Yanbu on the Red Sea. However, industry sources, satellite imagery and shipping data indicate that crude tanker loading operations have not yet resumed.
Source: Reuters
