04.06.202623:31:06UTC+00Oil Holds Decline on Diplomatic Hopes

WTI crude futures traded below $93 per barrel on Friday, extending the previous session’s decline of more than 3%. Prices were pressured by renewed hopes that the US and Iran could reach a diplomatic agreement to end the conflict and reopen the Strait of Hormuz.

According to reports, President Donald Trump has been reluctant to pursue a full-scale war with Iran despite recent confrontations, and would only consider breaking the current truce if Tehran were to kill American troops.

Even so, the US oil benchmark remains more than 6% higher for the week, as talks between Washington and Tehran have yet to yield concrete progress, while Israel’s continuing military campaign in Lebanon has emerged as a major obstacle. Iran-backed Hezbollah rejected a US-brokered ceasefire proposal between Israel and Lebanon, though President Trump said the group had contacted the White House to explore options for ending the hostilities.