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Oil prices declined during Asian trading on Friday, putting both major benchmarks on course for a weekly loss of more than 4%, as signs of diplomatic progress between the United States and Iran reduced the geopolitical risk premium that had been propping up markets.
Brent crude futures for May delivery dropped 0.7% to $107.80 per barrel, while West Texas Intermediate fell 0.8% to $93.72 per barrel as of early Friday morning. The pullback reflects growing investor confidence that a full-scale energy supply disruption may be avoided, at least in the near term.
Markets responded positively after U.S. President Donald Trump announced a 10-day pause on potential strikes targeting Iran's energy infrastructure, citing ongoing negotiations at Tehran's request. Trump described the diplomatic talks as progressing well, fueling optimism around a possible breakthrough. Iranian officials, however, struck a more measured tone, keeping traders cautious about reading too much into early-stage discussions.
A key concern driving recent crude oil volatility has been the Strait of Hormuz, a critical shipping chokepoint responsible for a significant share of global oil transit. Any disruption to this corridor could trigger sharp supply shocks, which explains why escalating U.S.-Iran-Israel tensions sent prices surging in prior weeks.
Despite the latest decline, crude oil prices remain considerably higher than pre-conflict levels, reflecting ongoing uncertainty in the region. Traders continue to weigh the possibility of renewed hostilities against diplomatic signals that suggest de-escalation may be underway.
With global energy markets remaining sensitive to geopolitical developments, oil price movements will likely continue to be driven by the pace of Iran nuclear negotiations, Middle East ceasefire prospects, and any shifts in U.S. foreign policy. Investors and analysts are watching closely for updates that could either stabilize or once again jolt crude markets in the days ahead.
