Oil prices decline following Trump's comments on Iran

Oil prices retreated on Friday following statements from U.S. President Donald Trump, who announced he is holding constructive talks with Iran. Trump confirmed that the United States will not initiate military attacks against Iran prior to the U.S. midterm elections scheduled for November 3, a commitment that has helped alleviate market anxieties regarding potential supply disruptions in the Middle East.

In market trading, Brent crude futures fell by 1.1% to $103.09 per barrel, while U.S. West Texas Intermediate crude also saw a 1.1% decline, settling at $90.55 per barrel. These figures represent a cooling of the market after significant price hikes observed on Thursday, which were triggered by widespread reports suggesting that the U.S. might launch military strikes before the midterms. For the week, Brent crude reflects a marginal gain, whereas U.S. crude prices show a slight overall decrease.

As of now, the situation remains closely tied to geopolitical developments in the Middle East and the upcoming U.S. electoral cycle. Market participants are monitoring further diplomatic communication between Washington and Tehran as the November election date approaches.