Oil prices fall over 1% as Trump says ceasefire deal possible

09:52 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices declined on Friday after US President Donald Trump expressed optimism about reaching a lasting ceasefire between Washington and Tehran.

 

Brent crude futures for June delivery fell 1.32%, or $1.31, to $98.08 a barrel as of 08:58 am KSA time.

 

US WTI crude for May delivery dropped 1.5%, or $1.43, to $93.26 a barrel.

 

Trump said on April 16 that the war with Iran could conclude soon, with both sides nearing a peace agreement.

 

However, sources told Reuters that US and Iranian negotiators have scaled back expectations for a permanent deal for now, and are instead working toward a temporary memorandum of understanding to prevent a renewed escalation.

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