Oil prices gave back part of Thursday's surge on Friday as President Donald Trump's comments about talks with Iran eased immediate fears of a wider supply disruption.
Reuters reported that Brent crude futures were down $1.10, or 1.1%, at $103.18 a barrel by 1328 GMT. US West Texas Intermediate fell 49 cents, or 0.5%, to $91.00. Brent was still headed for a weekly gain after settling 4% higher on Thursday, while WTI was on track for a slight weekly decline.
Trump's comments cool the market
Trump said the US would not attack Iran before the Nov. 3 midterm elections and described discussions with Tehran as productive. Reuters also cited China's planned resumption of refined-fuel exports after a brief holiday pause as another factor weighing on prices.
The diplomatic signal did not amount to an agreement. Iran's Tasnim news agency reported that Foreign Minister Abbas Araqchi said Tehran was reviewing a US response to an Iranian proposal that would reopen the Strait of Hormuz within seven days.
Supply risks have not disappeared
Shipping threats in the Gulf and Hormuz have increased in October. Before the war, the strait carried shipments equal to about 20% of the world's oil and fuel, according to Reuters.
BRICSinfo relayed an IRGC statement claiming “full control” of the strait and disputing Trump's description of oil flows. said Kpler data put the seven-day crude average near 13.5 million barrels per day, close to prewar levels. Those competing claims underline how contested the picture of traffic through the waterway remains.
