Oil Prices Slide as Trump Signals Progress in Iran Talks, Pause on Energy Strikes

ERBIL (Kurdistan24) – Oil prices declined on Friday, heading for their steepest weekly drop in six months, after U.S. president Donald Trump said negotiations to end the conflict with Iran were progressing positively and announced a temporary halt to attacks on the country’s energy infrastructure.

Brent crude futures fell by 84 cents, or 0.8%, to $107.17 per barrel as of 0353 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped $1.02, or 1.1%, to $93.46 per barrel, trimming gains from a strong rally in the previous session.

Despite Thursday's surge—when Brent rose 5.7% and WTI gained 4.6% amid fears of further escalation—both benchmarks were down approximately 4.6% for the week, reflecting shifting market sentiment driven by diplomatic developments.

Analysts cautioned that volatility remains high. Priyanka Sachdeva, an analyst at Phillip Nova, noted that oil markets are reacting not only to headlines but also to the potential duration of the conflict. She warned that any direct damage to oil infrastructure or a prolonged war could push prices sharply higher.

While Trump confirmed a 10-day pause on strikes targeting Iran’s energy facilities, the United States has simultaneously deployed thousands of additional troops to the Middle East. The U.S. president is also reportedly considering the use of ground forces to secure Kharg Island, a key hub for Iran’s oil exports.

Market participants continue to monitor both diplomatic efforts and military developments, as uncertainty surrounding the conflict remains a key driver of global oil prices.