Oil drilling rigs
Oil prices fell in Friday trading, extending losses from the previous session after US President Donald Trump scrapped plans for military strikes on Iran, easing concerns over an escalation of hostilities in the region and raising hopes for an end to the conflict. 
The decline followed Trump’s decision on Thursday to cancel planned strikes against Iran, citing progress in talks with Tehran and the possibility of reaching a peace agreement that could lead to the reopening of the Strait of Hormuz to shipping traffic by the weekend.
However, Iran’s Fars News Agency denied reports that Tehran had approved the text of any agreement, according to Reuters.
Oil futures prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (August)
88.71
(1.67)
(1.85%)
WTI (July)
86.17
(1.54)
(1.75%)
OPEC trimmed its 2026 global oil demand growth forecast for a second straight month, lowering its estimate to 970,000 barrels per day from previous 1.17 million bpd.
Markets are also awaiting later today Baker Hughes’ weekly US oil and gas rig count data for further clues on the outlook for US supply.
Oil drilling rigs
Oil prices fell in Friday trading, extending losses from the previous session after US President Donald Trump scrapped plans for military strikes on Iran, easing concerns over an escalation of hostilities in the region and raising hopes for an end to the conflict.
The decline followed Trump’s decision on Thursday to cancel planned strikes against Iran, citing progress in talks with Tehran and the possibility of reaching a peace agreement that could lead to the reopening of the Strait of Hormuz to shipping traffic by the weekend.
However, Iran’s Fars News Agency denied reports that Tehran had approved the text of any agreement, according to Reuters.
Oil futures prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (August)
88.71
(1.67)
(1.85%)
WTI (July)
86.17
(1.54)
(1.75%)
OPEC trimmed its 2026 global oil demand growth forecast for a second straight month, lowering its estimate to 970,000 barrels per day from previous 1.17 million bpd.
Markets are also awaiting later today Baker Hughes’ weekly US oil and gas rig count data for further clues on the outlook for US supply.
