Oil prices moved lower on Friday and are now on track to end a two-week run of gains. The drop comes as uncertainty continues around talks between the United States and Iran, leaving investors unsure about what could happen next.
Brent crude fell 25 cents, or 0.3%, to $89.45 a barrel. US West Texas Intermediate (WTI) crude also slipped 22 cents, or 0.3%, to $83.31 a barrel.
The decline happened even after oil prices rose in the previous session. That increase followed reports that US President Donald Trump was not interested in returning to the earlier nuclear deal with Iran. The news raised concerns that tensions between the two countries could remain high, which may affect global oil supplies.
Looking at the week as a whole, Brent crude is set to finish about 5.3% lower, while WTI is expected to end the week down around 4.3%.
For now, traders are keeping a close eye on the situation between the US and Iran. They are also watching global supply and demand trends, as these factors will likely play a major role in deciding where oil prices go next.
