Oil prices drop on potential US-Iran ceasefire deal
Oil prices fell on Friday following reports of a potential U.S.-Iran ceasefire. Brent and WTI are now set for their steepest weekly declines since early April.
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Brent Crude Oil futures fell 1.1% to $92.67 a barrel on Friday following reports of a potential ceasefire extension between the United States and Iran. The drop marks the steepest weekly decline for oil benchmarks since early April. A finalized deal would reopen the Strait of Hormuz, easing supply constraints that have pressured global energy markets for three months.
