Oil prices witnessed a decline at the beginning of trading on Friday, concluding a turbulent week with a decline, after US President Donald Trump announced that negotiations with Iran were going “very well,” and his decision to grant an additional 10-day deadline before targeting Iranian energy facilities.
At 24:00 GMT, Brent crude futures fell “90 cents” or “0.8 percent” to reach “$107.11” per barrel, while US West Texas Intermediate crude fell “83 cents” or “0.88 percent” to “$93.65” per barrel, which reduced the impact of the gains achieved in the previous session.
The two crude oil prices rose on Thursday, amid increasing fears of the expansion of the war, as Brent rose “5.7 percent” and US crude rose “4.6 percent.” However, Brent is heading towards recording its first weekly loss in six weeks, while American crude continues to decline for the second week in a row, coinciding with increasing talk about the possibility of ending the war.
In a post on “Truth Social,” Trump stated that he stopped targeting energy facilities for 10 days, until the evening of Monday, April 6, 2026, and indicated that this decision came at the request of the Iranian government.
On the other hand, an Iranian official told Reuters that the 15-item American proposal, which Pakistan conveyed to Tehran, had undergone a detailed review by senior Iranian officials and a representative of the Supreme Leader, and described the plan as “one-sided and unfair.”
Trump also announced that Iran allowed ten oil tankers to pass through the Strait of Hormuz as a goodwill gesture within the framework of the negotiations, and made clear that the ships were flying the Pakistani flag.
Despite this path, the United States continues to send thousands of soldiers to the Middle East, while Trump is considering the option of deploying ground forces to control Kharg Island, which is considered a strategic oil hub for Iran.
So far, the war on Iran has led to the loss of “11 million barrels” per day of global supplies.
