Oil falls as Trump comments on Iran talks ease supply concerns

Oil prices slipped on Friday after US President Donald Trump said Washington would not strike Iran ahead of the November 3 vote for Congress, easing some Middle East supply worries, according to Business Recorder. Brent crude futures dropped 72 cents, or 0.7%, and were priced at $103.53 a barrel at 0220 GMT, while WTI fell 52 cents, or 0.6%, to $90.97. Trump had described his talks with Tehran as productive, though the eight-month-old war continues to disrupt the market.

Brent remains on track for a weekly gain, having jumped 4% on Thursday as attacks on crude-carrying ships rose earlier in the week. WTI, by contrast, is heading for a slight weekly decline even as Hurricane Isaias, a storm moving toward the Gulf of Mexico, disrupts supply. According to the US Marine Minerals Administration, producers shut in around 1.3 million barrels per day, equal to 62.9% of current output, as of Thursday.

Separately, the US imposed fresh sanctions on Thursday against individuals, networks and 17 vessels linked to shipments of Iranian crude, fuel products and petrochemicals. Tasnim news agency reported that Tehran is weighing a US response to its proposal, which envisages reopening the Strait of Hormuz inside seven days.