Oil prices fell Friday following reports that Iran submitted its latest proposals for negotiations with the United States through Pakistani mediators.
Despite the drop, both Brent and West Texas Intermediate (WTI) crude remain on track for weekly gains, as Tehran continues to block the Strait of Hormuz and U.S. naval operations constrain Iranian crude exports.
Brent crude for July delivery fell 44 cents, or 0.4% to $109.96 per barrel, while WTI crude declined $2.48, or 2.4% to $102.59 per barrel.
Latest Oil Prices:
WTI Crude $102.0 -3.06 -2.91%
Brent Crude $108.2 -2.16 -1.96%
Murban Crude $104.0 -4.00 -3.70%
WTI Midland $105.7 -3.32 -3.05%
Opec Basket $109.4 +1.82 +1.69%
Indian Basket $116.5 +3.69 +3.27%
Natural Gas $2.780 +0.013 +0.47%
Gasoline $3.599 -0.016 -0.44%
Heating Oil $3.931 -0.150 -3.67%
According to the Islamic Republic News Agency (IRNA), Iran delivered its proposals to Pakistani intermediaries on Thursday, signaling continued diplomatic engagement, although significant obstacles remain.
Despite Friday’s dip, Brent is still set for a weekly gain of 4.5%, while WTI is poised to rise 8.9% over the same period. June Brent futures had surged to $126.41 per barrel before expiry on Thursday, marking the highest level since March 2022.
Oil markets have remained volatile since late February, when U.S. and Israeli strikes on Iran led to the closure of the Strait of Hormuz, disrupting roughly one-fifth of the world’s oil and liquefied natural gas shipments. Brent crude alone surged about 50% in March.
A ceasefire between the two sides has been in effect since April 8, but IRNA quoted Foreign Ministry spokesman Esmail Baghaei on Thursday cautioning that expecting rapid results from talks with the United States is unrealistic. “It is not logical to expect immediate outcomes, regardless of the mediator involved,” he said.
Tensions briefly pushed oil prices higher Thursday after a senior Iranian Revolutionary Guard official threatened “painful and prolonged strikes” against U.S. targets if attacks resumed. U.S. officials told Reuters that President Donald Trump was scheduled to receive a briefing on potential new military strikes intended to pressure Iran into negotiations.
Follow the latest news on Google News
