Global oil prices fall as Trump signals progress in talks with Iran

Summary

•   Global oil prices declined on Friday after US President Donald Trump indicated progress in negotiations with Iran and said the United States did not intend to launch an immediate military attack, according to international media reports.
• Energy analysts believe the future direction of international oil prices will largely depend on the progress of negotiations between the United States and Iran, the security situation in the Strait of Hormuz and the broader military developments across the region.
• For now, global energy markets remain uncertain, with investors closely watching diplomatic and security developments to determine whether the recent fall in oil prices will continue or prove temporary.

AI Generated Summary

Global oil prices declined on Friday after US President Donald Trump indicated progress in negotiations with Iran and said the United States did not intend to launch an immediate military attack, according to international media reports.

Brent crude futures fell by 72 cents, or 0.7 per cent, to $103.53 per barrel, while US West Texas Intermediate (WTI) crude dropped by 52 cents, or 0.6 per cent, to $90.97 per barrel.

Trump recently stated that Washington was engaged in productive negotiations with Tehran and had no plans to attack Iran before the US midterm elections scheduled for November 3. His remarks raised hopes among investors that diplomatic efforts could help bring an end to the ongoing conflict in the Middle East and improve the flow of oil supplies through key international shipping routes.