Oil declines due to US-Iran talks

Oil fell on Friday as US President Donald Trump announced that they would not attack Iran before next month's elections and talks to end the war made progress.

Brent oil futures contracts decreased by 0.7 percent to $103.53 per barrel, and US crude oil (WTI) decreased by 0.6 percent to $90.97.

According to Iran's Tasnim news agency, Foreign Minister Abbas Arakchi said that they evaluated the US response to the proposal to reopen the Strait of Hormuz within seven days. As the war enters its eighth month, Washington maintains economic pressure on Tehran.

The United States announced new sanctions on Thursday targeting individuals, networks and 17 ships involved in the transportation of Iranian oil, oil products and petrochemicals.

Threats to oil shipments in the Gulf and the Strait of Hormuz have caused fluctuations in prices this week. Before the war, approximately 20 percent of global oil and fuel shipments passed through the Strait of Hormuz.

Oil markets are also facing the effects of Hurricane Isaias in the Gulf of Mexico.

According to US Marine Minerals Administration data, approximately 1.3 million barrels, or 62.9 percent, of daily oil production in the region was stopped as of Thursday due to the storm.