❗️Oil prices fall as Brent slips toward $105

Oil prices fell on Friday as markets weighed the possibility of a truce between the US and Iran against concerns over attacks by Ansarallah on Saudi Arabia and their potential impact on oil supplies.

Brent crude fell $1.47, or 1.4 percent, to $105.11 a barrel, while West Texas Intermediate dropped $2, or 2.1 percent, to $92.61 as of 05:41 GMT, according to Reuters.

Markets are reacting to Reuters reports that US and Iranian negotiators in New York are exploring a phased path toward ending the US war on the Islamic Republic. Sources familiar with the talks told Reuters the framework could involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade on Iran.

Iranian President Masoud Pezeshkian said on Thursday that it was up to Washington to decide when the war would end.