Oil falls over 1% as Trump comments on Iran talks ease supply concerns

Oil prices dropped on Friday after US President Donald Trump said Washington would not attack Iran before the November 3 midterm elections, according to Business Recorder. Brent futures slid $1.37, or 1.3%, to $102.91 a barrel at 0450 GMT, while WTI lost $1.09 to $90.40.

Trump described his talks with Tehran as productive, while Iran's Tasnim news agency reported that Foreign Minister Abbas Araqchi said Iran is reviewing a US response to a proposal to reopen the Strait of Hormuz in seven days. Tehran has stressed that easing tensions requires concrete progress in negotiations and better shipping safety in the strait. Meanwhile, the US imposed sanctions on Thursday on individuals, networks and 17 vessels transporting Iranian crude, oil products and petrochemicals.

Brent is on course for a weekly gain, having risen 4% on Thursday, while WTI is poised for a slight fall. Separately, Hurricane Isaias led Gulf of Mexico producers to shut in about 1.3 million barrels per day, or 62.9% of current output, as of Thursday, the Marine Minerals Administration said.