Oil futures fell more than 2% on Friday, closing out their steepest weekly decline since early April as traders awaited word that the U.S., Israel and Iran had reached agreement on a
Oil futures fell more than 2% on Friday, closing out their steepest weekly decline since early April as traders awaited word that the U.S., Israel and Iran had reached agreement on a ceasefire.
Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66, or 1.8%. WTI U.S. oil futures Reutersfinished at $87.36 a barrel, down $1.54 or 1.7%.
"Obviously, the market thinks the ceasefire will be all easy-peasy and is done and dusted," said John Kilduff, partner with Again Capital.
The three-month war between the U.S. and Iran has been marked by frequent chatter of an impending end to the conflict that would open the crucial Strait of Hormuz, used to transit one-fifth of the world's oil and gas supply. Even with both sides suggesting an agreement was forthcoming, their characterizations of the deal were still somewhat different.
Iran's Fars news agency said the agreement - which it has not decided yet to approve - required Iran to open the strait without restrictions but the Islamic Republic would reopen the waterway "according to its own pre-determined arrangements." Iran has said after the conflict that it would regulate traffic through the strait, charging fees to
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