Oil Prices Fall on Hopes of Iran War Ending and Supply Recovery

Oil prices fell in early Friday trading amid optimism that Middle East tensions may ease, as a ceasefire between Lebanon and Israel began and Donald Trump signaled possible renewed talks between the United States and Iran.

Brent crude futures dropped by $1.34 or 1.35% to $98.05 per barrel.

US West Texas Intermediate futures fell by $1.65 or 1.74% to $93.40 per barrel.

Reducing gains from the previous session.

The decline was driven by expectations of supply recovery.

As regional tensions show signs of easing.

Trump noted that Tehran offered not to pursue nuclear weapons for over 20 years.

As part of negotiations to end the conflict.

Which had previously closed the Strait of Hormuz and disrupted about one-fifth of global supplies.