🔶 Oil Prices Fall by 2% as Hopes Rise for a U.S.-Iran Deal

Oil prices fell by about 2% on Friday, 4 Mehr (26 September). Increased hopes for a ceasefire between the United States and Iran, and the likelihood of a ban on diesel exports from the United States, were the main factors behind this drop.

At the same time, however, Houthi attacks on Saudi Arabia have raised concerns about oil supply.

According to Reuters, Brent crude fell by 2.1% to $104.32 and West Texas Intermediate crude fell by 2.3% to $92.41 per barrel. Over the week as a whole, Brent rose by less than 1%, while U.S. oil fell by about 8%.

The 2% decline in oil prices came after Iran proposed a plan to the United States, but Trump rejected the proposal.