Oil prices on track for steepest weekly fall in six months
Oil prices fell on Friday after President Trump announced a pause in attacks on Iranian energy plants. The market is heading for its steepest weekly decline.
Oil markets in Singapore saw a significant downturn on Friday, with prices on track for their steepest weekly decline in six months. This shift follows comments from United States President Donald Trump, who indicated that diplomatic efforts to resolve the conflict with Iran are progressing and announced a 10-day suspension of attacks on the nation's energy facilities.
Brent Crude Oil futures fell by 0.8% to $107.17 per barrel, while U.S. West Texas Intermediate futures dropped 1.1% to reach $93.46 per barrel. These losses have largely erased the gains seen during a bullish Thursday session, leaving both benchmarks trading roughly 4.6% lower for the week.
