Oil prices fell about 1% on Friday as markets weighed the possibility of a truce between the US and Iran against concerns that increasing attacks against Saudi Arabia by Houthi fighters could
Oil prices fell about 1% on Friday as markets weighed the possibility of a truce between the US and Iran against concerns that increasing attacks against Saudi Arabia by Houthi fighters could disrupt supply from the Middle Eastern producer.
Brent futures were down $1.14, or 1.1%, at $105.46 a barrel by 10:03 a.m. EDT (1403 GMT), while West Texas Intermediate (WTI) crude fell $1.05, also 1.1%, to $93.56.
That put Brent up about 2% for the week and WTI down about 7%.
US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.
In the Middle East, however, Saudi, Turkish and Pakistani military chiefs are to discuss help for Saudi Arabia as it faces attacks by Yemen's Iran-aligned Houthis.
"Diplomatic hopes are essentially helping oil prices weather the latest military strikes in the Middle East, with crude trading moderately softer despite the attacks," said Tim Waterer, chief analyst at KCM Trade.
The Houthis have launched strikes on the Saudi-backed government in Yemen and repeatedly fired into Saudi Arabia, disrupting oil flows from the
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