Oil prices fell on Friday as concerns over Middle East supply disruptions eased after US President Donald Trump said Washington would not attack Iran before next month’s US elections. He also cited progress in talks aimed at ending the conflict, which has disrupted global oil markets.Brent crude futures fell 72 cents, or 0.7%, to $103.53 a barrel, while US West Texas Intermediate (WTI) crude futures declined 52 cents, or 0.6%, to $90.97 by 7:50 am IST.Despite Friday’s decline, Brent was on track for a weekly gain after settling 4% higher on Thursday amid increased attacks earlier this week on vessels carrying crude oil out of the Middle East.WTI, however, was set for a slight weekly decline despite supply disruptions caused by a hurricane approaching the US Gulf Coast.Earlier on Thursday, Trump said Washington was having “productive discussions” with Iran and that no attack was planned before the November 3 US midterm congressional elections. His remarks came after media reports suggested he was considering military action before the polls.Iran’s Tasnim news agency reported that foreign minister Abbas Araqchi said Tehran was reviewing Washington’s response to its proposal to reopen the Strait of Hormuz within seven days.The US continues to apply economic pressure on Iran in an effort to end the conflict, which is now in its eighth month.On Thursday, Washington imposed fresh sanctions targeting individuals, networks and 17 vessels allegedly involved in transporting Iranian crude oil, petroleum products and petrochemicals.Oil prices have fluctuated this week amid growing threats to shipping in the Gulf and the Strait of Hormuz. Before the war, the strategic waterway handled shipments equivalent to about 20% of global oil and fuel supplies.Oil markets are also monitoring Hurricane Isaias in the Gulf of Mexico. The storm has forced producers to shut in about 1.3 million barrels per day, or 62.9% of current oil production in the region, as of Thursday, according to the US Marine Minerals Administration.Oil markets have remained unsettled for more than seven months since the conflict in the Middle East began. Despite the latest gains, prices remain below the $126-a-barrel level reached earlier in the crisis.
