Oil prices recorded a decline of about 2% at the settlement of the trading session on Friday, affected by increasing hopes for reaching a possible agreement between the United States and Iran, in addition to reports about the possibility of Washington imposing a ban on diesel exports.
Upon settlement, Brent crude futures fell by $2.28, or 2.1%, to settle at $104.32 per barrel. US West Texas Intermediate crude also fell $2.20, or 2.3%, recording $92.41 per barrel. In terms of weekly performance, Brent crude achieved slight gains amounting to less than 1%, while West Texas Intermediate crude suffered sharp losses amounting to about 8%.
In the diplomatic context, sources close to the negotiations to end the war reported this week that American and Iranian negotiators are discussing in New York the possibility of formulating a phased path to end the war, which includes Tehran opening the Strait of Hormuz in exchange for Washington lifting the economic blockade imposed on Iran.
On the other hand, a senior Iranian official told Reuters that his country affirmed its adherence to its position of not showing any flexibility regarding its nuclear program, even if the United States accepts the proposal to reopen the Strait of Hormuz, which includes practical steps, most notably the lifting of the American naval blockade of Iranian ports.
