Crude oil prices fell on Friday, continuing a downward trend that began earlier in the day, after US President Donald Trump called off a planned third military strike on Iran.
Brent crude futures dropped nearly $1.21, or 1.3 per cent, to $89.17 per barrel as of 00:42 GMT, while US West Texas Intermediate (WTI) crude fell $1.23, or 1.4 per cent, to $86.48 per barrel.
Both benchmarks recorded weekly losses, with Brent declining 4.2 per cent and WTI falling 4.4 per cent for the week.
Tensions between Iran and the United States escalated sharply after reports emerged of a US military AH-64 Apache helicopter crashing in the Strait of Hormuz.
Initial reports claimed it was downed by an Iranian Shahed drone, but Tehran quickly rejected the allegations.
Trump then ordered missile strikes on Iranian military and oil infrastructure on Wednesday, followed by a second wave on Thursday.
Iran retaliated with attacks on US bases in Jordan, Bahrain and Kuwait.
This triggered a sharp rise in crude prices, which climbed close to $95–$96 per barrel on Thursday after Iran announced the complete closure of the Strait of Hormuz.
Prices have now eased on Friday, but it remains to be seen whether Iran will respond to Trump’s latest announcement.
Also read: Bank credit grows over 17 pc in May
Follow us
