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The Economic Times

Business

Oil prices slide about 2% as US, Iran explore path out of war

United States Oil Iran Russia Saudi Arabia United Nations Strait of Hormuz Ukraine

Oil prices fell about 2% on Friday on mounting hopes for a truce between the US and Iran and talk about a possible US ban on diesel exports, even as traders worried that increasing attacks against Saudi Arabia by Houthi fighters could disrupt supply from the Middle Eastern producer.

Brent futures fell $2.28, or 2.1%, to settle at $104.32 a barrel. West Texas Intermediate (WTI) crude fell $2.20, or 2.3%, to settle at $92.41.

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