Oil falls slightly on reports of potential US-Iran ceasefire deal
The more actively traded August Brent futures fell 46 cents, or 0.50%, to $92.24.
Prices were down more than 8% for the week with Brent hitting a low of $87.11 versus last week's high of $109.47.
Prices have been volatile in recent sessions, swinging by as much as $6 for both benchmarks on conflicting signals over a possible end to the three-month Iran war and the potential re-opening of the Strait of Hormuz - a key transit route for roughly a fifth of the world's oil and liquefied natural gas supplies.
U.S. Vice President JD Vance told reporters that Washington was "not there yet" with Iran on an agreement but that they were close, adding that the U.S. was in a position where it could substantially set back Tehran's nuclear program.
Vance said there were a couple of sticking points in talks with Tehran concerning its enriched uranium stockpile and the question of enrichment.
"I can't guarantee that we're going to get there, but right now I feel pretty good about it," he said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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