Oil prices fell in Friday’s trading, heading for their first weekly decline in three weeks, despite continued disruption to shipping traffic through the Strait of Hormuz.
Oil prices ended Thursday’s session more than 2% higher after The Wall Street Journal reported that US President Donald Trump does not want to return to the terms of a memorandum of understanding signed with Iran in June.
Washington confirmed on Thursday that it was not holding talks with Iran, despite diplomatic efforts by other countries to reopen channels of communication between the two sides, Reuters reported.
According to data from Kpler, seven cargo vessels transited the Strait of Hormuz on Thursday, down from 17 vessels the previous day and below the 10-day average of 15 vessels per day.
Changes in prices of benchmark crude futures
Crude
Price ($/bbl)
Change ($)
Change (%)
Brent (October futures)
89.46
(0.25)
(0.25)
NYMEX (October futures)
83.31
(0.22)
(0.26)
*At 8:03 a.m. Makkah time.
Oil prices fell in Friday’s trading, heading for their first weekly decline in three weeks, despite continued disruption to shipping traffic through the Strait of Hormuz.
Oil prices ended Thursday’s session more than 2% higher after The Wall Street Journal reported that US President Donald Trump does not want to return to the terms of a memorandum of understanding signed with Iran in June.
Washington confirmed on Thursday that it was not holding talks with Iran, despite diplomatic efforts by other countries to reopen channels of communication between the two sides, Reuters reported.
According to data from Kpler, seven cargo vessels transited the Strait of Hormuz on Thursday, down from 17 vessels the previous day and below the 10-day average of 15 vessels per day.
Changes in prices of benchmark crude futures
Crude
Price ($/bbl)
Change ($)
Change (%)
Brent (October futures)
89.46
(0.25)
(0.25)
NYMEX (October futures)
83.31
(0.22)
(0.26)
*At 8:03 a.m. Makkah time.
