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Oil prices recorded a slight decrease on Friday, as the market assesses various factors including the potential for a truce between the United States and Iran, alongside Houthi attacks on Saudi Arabia.
Brent crude fell by 74 cents or 0.69% to $105.85 per barrel, while West Texas Intermediate crude dropped by 81 cents or 0.86% to $93.80 per barrel.
Trading began sluggishly, contrasting with a week that saw sharp fluctuations. Oil prices rose on Thursday to their highest level in a week, with Brent crude increasing by 3.4% at settlement, and West Texas Intermediate crude rising by 2.7%.
This comes as American and Iranian negotiators in New York explore a gradual path to ending the war, which includes Tehran reopening the Strait of Hormuz and Washington lifting the economic sanctions imposed on Iran, according to sources close to the negotiations this week.
Iranian President Masoud Barzani stated on Thursday that the United States must decide when the war between the two countries will end.
The Saudi-led coalition in Yemen reported that the Kingdom intercepted six ballistic missiles launched by the Houthis, thwarting attacks on the province of Taif and the Yanbu area on the Red Sea.
Saudi Arabia is working to increase the amount of crude oil pumped through the East-West pipeline, which extends to the Saudi export hub in Yanbu on the Red Sea. However, industry sources, satellite images, and shipping data indicate that loading operations for crude oil tankers have not yet resumed.
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