Oil Prices Slide on Hopes for Global Ceasefire

After a week of volatility, oil prices fell slightly in the international market. The decline came on Friday amid talks of a possible ceasefire between the United States and Iran and concerns over supplies following Houthi attacks in Saudi Arabia.
At 12:32 a.m. GMT on Friday (September 25), Brent crude fell 74 cents, or 0.69 percent, to $105.85 a barrel. At the same time, West Texas Intermediate (WTI) crude fell 81 cents, or 0.86 percent, to $93.80 a barrel.
The oil market saw significant volatility on Thursday, with both crude benchmarks rising by nearly 5 percent at one point. By the end of trading, Brent crude had gained 3.4 percent, while WTI rose 2.7 percent.
Brent closed at its highest level since September 15. Meanwhile, WTI had fallen 13 percent over the previous six trading sessions. So far this week, WTI has declined 6.42 percent, while Brent has gained 2.09 percent.
Oil prices are being influenced by talks of a possible diplomatic agreement between the United States and Iran, while Houthi attacks in Saudi Arabia and concerns over energy infrastructure are increasing supply risks. As a result, developments in the Middle East continue to have a significant impact on the oil market.