Oil Holds Steady and Tracks Weekly Drop
Oil prices held steady on Friday and headed for a weekly decline as traders weighed stagnant diplomatic talks against crude flows through the Strait of Hormuz. Benchmarks dropped amid reports of recovering maritime exports and new sanctions on Iran.
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Brent Crude Oil futures fell 5 cents to $89.65 a barrel on Friday morning, heading for a weekly drop of 5.3%. The decline comes as traders weigh stagnant diplomatic talks between the United States and Iran against volatile crude flows through key maritime routes.
