U.S. crude oil futures extended losses on Friday, as concerns over potential supply disruptions in the Middle East eased and investors awaited the outcome of expected nuclear talks between the United States and Iran in Oman.
Brent crude futures fell about 50 cents, or 0.74%, to $67.05 per barrel by 01:02 GMT, after settling 2.75% lower in the previous session.
U.S. West Texas Intermediate (WTI) crude declined 52 cents, or 0.82%, to $62.77 per barrel, following a 2.84% drop on Thursday, according to Reuters.
Both global benchmarks are on track for their first weekly decline in more than a month, retreating over 3% from their late-January highs, which marked their strongest levels in nearly six months. Prices had surged at that time after U.S. President Donald Trump threatened military action against Iran.
The pullback comes as Washington and Tehran agreed to hold talks in Oman on Friday, amid heightened regional tensions driven by U.S. military deployments and diplomatic efforts aimed at preventing a broader military confrontation.
Roughly 20% of global oil consumption passes through the Strait of Hormuz, the strategic waterway between Oman and Iran. Major producers including Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, and Iran depend on the strait to export most of their crude oil, making it a critical chokepoint for global energy markets.
