Oil prices drop on hopes for Iran peace negotiations
Crude futures declined on Friday as President Trump suggested the U.S. and Iran could meet for talks. A ceasefire in Lebanon also boosted market optimism.
Global energy markets observed a decline in crude prices during early Friday trading as optimism grew regarding a potential resolution to Middle East hostilities. Brent Crude Oil futures fell by 61 cents, or 0.61%, to $98.78 per barrel. Similarly, West Texas Oil futures dropped 89 cents, or 0.94%, to $93.80 per barrel, paring gains from the previous day.
The price movement follows the commencement of a 10-day ceasefire between Lebanon and Israel. Sentiment was further lifted by remarks from United States President Donald Trump, who suggested that a meeting with Iran could happen as early as this weekend to discuss a peace framework.
