Crude oil prices, which had caused major uncertainty in the Asian markets due to the recently halted war with Iran, started to come down on Friday with hopes of US-Iran peace talks putting a permanent end to the hostilities.
Oil prices fell shortly after US President Donald Trump announced a 10-day ceasefire between Israel and Lebanon.
According to latest market data, Brent crude futures declined more than 1 per cent to $98.05 per barrel as of 00:21 GMT.
While West Texas Intermediate (WTI) crude slipped to $94 per barrel.
Since March, crude oil prices had climbed a record 50 per cent due to fighting between the US-Israel alliance and Iran.
The prices fell below the $100-per-barrel mark after the US and Iran decided to halt hostilities in a temporary ceasefire, though they have stayed above the $90 range for the week.
Besides, investors’ attention was also caught by comments from Trump administration officials that US and Iranian delegations may meet again in Islamabad for peace talks.
While prices have declined on Friday, President Trump on Thursday mocked consultants who had cautioned him against the rising costs of crude and energy supplies.
During an event in Las Vegas earlier, Trump said, “We have consultants – they’re very talented – they say, ‘Sir, if you do this, fuel is going to go to $300 a barrel.’
“But I said, 'I don’t think so.' I think we’re going to be good. We always find a way,” Trump said.
“Well, that is not going to happen, because we just hit a brand-new all-time high [on the stock market],” he said.
Countries around Iran, especially those in Asia, have been badly hit by the oil prices due to the constant US-Israel war on Iran.
Also read: US to resume combat if Iran rejects deal: Hegseth
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