Oil Prices Decline Ahead of US-Iran Nuclear Talks in Oman

Oil prices fell again on Friday as concerns over supply disruptions in the Middle East eased, with investors anticipating the results of upcoming US-Iran nuclear talks in Oman.

Brent crude futures dropped by 50 cents, or 0.74%, to $67.05 per barrel, following a 2.75% decline in the previous session.

Meanwhile, West Texas Intermediate (WTI) fell by 52 cents, or 0.82%, to $62.77 per barrel, after a 2.84% drop on Thursday, according to Reuters.

Both crude oil benchmarks are on track for their first weekly decline in over a month, with prices down more than 3% from six-month highs reached in late January, when former President Donald Trump threatened military action against Iran.

This decrease follows announcements of talks in Oman, amid rising tensions due to increased US troop deployments in the region and regional efforts to prevent a military conflict that could escalate into a larger war.

The Strait of Hormuz is a critical waterway for global energy supplies, through which approximately one-fifth of the world's oil consumption is transported. Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq export most of their crude oil through this route, as does Iran.