🔶 A two percent drop in oil prices with growing hopes for the US-Iran agreement

🔶 A two percent drop in oil prices with growing hopes for the US-Iran agreement

The price of oil fell by two percent on Friday, October 4 (September 26). Increasing hopes for a ceasefire between the US and Iran and the possibility of banning the export of diesel fuel from the US were among the main reasons for this decline.

However, at the same time, Houthi attacks on Saudi Arabia have increased concerns about oil supplies.

According to Reuters, Brent crude fell 2.1% to $104.32 and West Texas Intermediate crude fell 2.3% to $92.41 a barrel. Brent rose less than 1 percent for the week overall, while U.S. crude fell about 8 percent.

The two percent drop in oil occurred after Iran proposed the plan to America, but Trump rejected that proposal.