Oil Continues to Drop Ahead of US-Iran Nuclear Talks in Oman

Oil prices fell again today, Friday, as concerns about supply disruptions in the Middle East eased, while investors await the results of the upcoming US-Iran nuclear talks in Oman.

Brent crude futures recorded a decline of 50 cents, or 0.74%, reaching $67.05 per barrel, after dropping 2.75% in the previous session.

Meanwhile, West Texas Intermediate crude fell by 52 cents, or 0.82%, to $62.77 per barrel, after a decrease of 2.84% on Thursday, according to Reuters.

Both crude types are heading for their first weekly decline in over a month, having dropped more than 3% from their highest levels in nearly six months, recorded in late January when US President Donald Trump threatened to strike Iran.

This decline comes as the countries announced talks in Oman amid rising tensions following the US's reinforcement of its forces in the region, and regional efforts to avoid a military confrontation that could escalate into a wider war.

The Strait of Hormuz is a vital artery for global energy, through which about one-fifth of total global oil consumption passes, with Saudi Arabia, the UAE, Kuwait, and Iraq exporting most of their crude through it, as is the case with Iran.