Oil prices eased slightly amid ceasefire prospects and regional attacks
Oil prices fell slightly following a week of volatility amid ceasefire negotiations between the US and Iran and Houthi attacks on Saudi Arabia.
Global oil markets recorded a slight decline on Friday as they evaluated the prospect of a ceasefire between the US and Iran, alongside attacks launched by the Houthis in Yemen against Saudi Arabia.
Markets and Price Changes
Oil prices eased slightly on Friday after a week of sharp volatility, following the prospect of a ceasefire under discussion between the US and Iran and attacks by the Houthis in Yemen. Brent crude fell 0.82 percent to $105.73 a barrel, while US crude dropped 1.65 percent to $93.05.
Spread Between Brent and WTI
The price spread between Brent and WTI reached its highest level since May. The possibility of the US banning diesel exports and the redirection of supply to the domestic market were among the key factors creating pressure on prices.
Talks Between the US and Iran
US and Iranian negotiators in New York are working on a roadmap for a gradual exit from the war. The plan envisions Tehran reopening the Strait of Hormuz and Washington lifting the economic blockade.
Houthi Attacks on Saudi Arabia
According to a statement by the Saudi-led coalition, six ballistic missiles launched by the Iran-backed Houthis were intercepted and destroyed in the air. The attacks targeted the Taif and Yanbu regions.