Eco
Oil prices fell on Friday, continuing the declines recorded in the previous session. This drop followed the announcement by U.S. President Donald Trump to cancel plans for military strikes against Iran, a move that helped calm concerns about an escalation of hostilities witnessed in the region this week after mutual attacks. By 00:42 GMT, Brent crude futures dropped by $1.21, and U.S. West Texas Intermediate (WTI) crude fell by $1.23. On a weekly basis, Brent crude lost 4.2%, while U.S. crude declined by 4.4%. This development occurred after Trump had threatened Iran with "severe force," only to back down from the planned strikes on Thursday, citing progress in talks with Tehran. Nevertheless, Fars news agency reported that Iran has not yet agreed to the text of any agreement.
