Oil Prices Retreat as Pakistan Seeks to Restart U.S.-Iran Peace Talks
Crude oil prices went lower after Friday trading session, due to a Reuters report that mentioned Pakistan, with Chinese support, is now working to revive peace negotiations between Washington and Tehran. WTI price closed the day with $90.46, while Brent Crude closed at $93.19.
Oil prices tumbled Friday following a Reuters news that Pakistan is actively pursuing a path to renew peace discussions between the United States and Iran, with backing from Beijing.
Brent crude, the global benchmark, fell and settled at $93.19 per barrel. WTI price also closed at $90.46 per barrel. The price dumps couldn't be avoided despite both having gained sharply for the week, as Middle Eastern hostilities quickly escalated.
Multiple sources on Reuters mentioned that Pakistan's diplomatic push to restart U.S.-Iran negotiations carries China's endorsement, which many traders believe carry a lot of weight.
Tensions escalated earlier on Thursday when U.S. President Donald Trump said to Axios that he was weighing a possible "massive attack" on Iran after the conflict expanded into the Red Sea.
This followed Yemen's Houthi rebels claiming strikes on two Saudi oil tankers in the Red Sea. Trump warned on Truth Social that further attacks would trigger "major military punishment" on both Iran and the Houthis.
Iran's Revolutionary Guard separately claimed it had sent its attacks against U.S. bases in Jordan on Thursday. Secretary of State Marco Rubio characterized Trump's Iran war strategy as "a head for an eye."
Related assets: Crude Oil, Brent Crude