Oil falls as Trump comments on Iran talks ease supply concerns

Brent crude futures were lower on Friday, changing hands at $102.91 a barrel by 0450 GMT after a $1.37 slide, or 1.3%, according to The Express Tribune. The move followed comments from US President Donald Trump on Thursday, who said Washington was not planning an attack on Iran ahead of the November 3 midterm elections and described discussions with Tehran as productive. West Texas Intermediate futures also eased, down $1.09, or 1.2%, at $90.40.

According to Iran's Tasnim news agency, Foreign Minister Abbas Araghchi said Tehran is weighing Washington's reply to a proposal under which the Strait of Hormuz could reopen in seven days. XS.com analyst Linh Tran said easing tensions still depend on concrete negotiating progress and safer shipping through the waterway. Meanwhile, Washington is keeping economic pressure on Tehran, having announced sanctions on Thursday against individuals, networks and 17 vessels carrying Iranian crude, oil products and petrochemicals.

Citing sources, Reuters said China will restart refined fuel exports once its Golden Week break ends. The International Energy Agency also decided this week on faster stock releases and a diesel-first supply priority. Output in the Gulf of Mexico has been curtailed by Hurricane Isaias, with producers halting about 62.9%, or 1.3 million barrels daily, as of Thursday, the US Marine Minerals Administration said. Tran added that the disruption's length depends on post-storm facility checks and how fast operations resume.