Oil Prices Decline In Choppy Trade
(RTTNews) - Oil prices fell in choppy trade on Friday and were on track for a steep weekly loss on hopes of de-escalation in the U.S.-Iran conflict and a possible reopening of the Strait of Hormuz.
Brent crude futures dropped 1.3 percent to around $97 a barrel and were on track for a weekly loss of about 14 percent, following the results of the U.S. midterm elections.
With Democrats securing a decisive victory and potentially limiting President Trump's support for the war against Iran, investors are pinning hopes that the conflict in the Middle East will not escalate.
WTI crude futures were down 1.4 percent at $89.24 a barrel despite reports of fresh tanker attacks in the Strait of Hormuz highlighting continued risks to maritime shipping.
On Thursday, U.S. President Trump said Iran could not do anything regarding its nuclear program without Washington's approval and that he would have to decide whether the U.S. should take further action against Tehran or accept the current situation.
As uncertainties persist, Trump is expected to take a final decision after meeting his national security advisers.
Iran has sent the U.S. a nuclear proposal via Qatar, to be discussed only after Washington meets Tehran's demands regarding its nuclear program, naval blockade of its ports, sanctions and frozen assets, Reuters quoted a senior Iranian official as saying on Thursday.
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