Oil prices fell on Friday and are heading for a weekly decline
Oil prices fell on Friday, heading for the end of a two-week winning streak despite rising in the previous session on the backlash from Trump's apparent lack of interest in returning to the terms of the previous deal with Iran.
Brent crude futures fell 60 cents, or 0.67%, to $89.10 a barrel at 06:36 GMT. WTI crude futures also fell 64 cents, or 0.77%, to $82.89.
Both indicators are poised to close the week lower; Brent is down 5.3%, and WTI is down 4.3%.
Although diplomatic efforts have reached an impasse, there are increasing signs of oil flowing through the Strait of Hormuz. As the conflict continues, producers are adapting to new realities, and the issue of navigation in the Strait is becoming increasingly relaxed.
Thursday's estimated total recent Gulf exports were 15 to 16 million barrels per day; this is 7 to 8 million barrels below pre-war levels, but 5 to 6 million barrels above the low point in March.
On Monday, the U.S. announced what it called "the toughest sanctions in history" against Iran. Tehran said the sanctions were "an inhuman and hostile act" and had lost their effectiveness.
The Trump administration told mediators it was not interested in reviving the June memorandum of understanding, complicating diplomatic efforts to restart talks.
Earlier on Thursday, Washington said it was not holding talks with Iran despite diplomatic efforts by other countries to bring the two sides together again.
Furthermore... Meanwhile, geopolitical tensions escalated after Moscow warned it could retaliate against Kiev's attacks on Russian territory with British-made long-range cruise missiles by attacking British military targets inside and outside Ukraine.
However, Trump said he did not expect Russian President Vladimir Putin to attack a member of the North Atlantic Treaty Organization (NATO).
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