Brent Crude Falls to $98 per Barrel on Friday as Trump Signals Iran Nuclear Deal Progress

Brent crude futures fell to around $98 per barrel on Friday, erasing gains from the previous trading session. The decline came after U.S. President Trump expressed optimism about a potential deal to end the Iran conflict, stating that Tehran has accepted terms including abandoning nuclear weapons, providing free oil, and reopening the Strait of Hormuz, though Iranian authorities have not confirmed these claims. Trump also announced a 10-day ceasefire between Israel and Lebanon, which Israeli Prime Minister Netanyahu confirmed.

The Strait of Hormuz remains effectively closed due to dual U.S. and Iranian blockades, raising market concerns over further disruptions to global energy flows. International Monetary Fund Executive Director Fatih Birol warned that restoring most of the interrupted oil and gas production could take up to two years.