Istanbul: Oil prices edged lower in early trading on Friday amid cautious optimism that the United States and Iran may be nearing an agreement, a development that could help ease regional tensions. Brent crude futures fell $1.34, or 1.35%, to $98.05 a barrel. US West Texas Intermediate (WTI) crude futures also declined $1.65, or 1.74%, to $93.40 a barrel, trimming gains from the previous session.
According to Qatar News Agency, oil prices had surged by nearly 50% in March before retreating below $100 a barrel in recent sessions and hovering around the $90 mark this week. The potential for an agreement between the US and Iran could impact the global oil supply, influencing prices further.