Brent crude falls 4.4% to $96.36 per barrel
Oil prices declined on Friday following reports of a potential return to US-Iran nuclear negotiations.
The conflict and closure of the Strait of Hormuz have threatened China’s energy security and weighed on its economy.
Brent crude for September delivery fell to $96.36 per barrel, while WTI crude for September delivery was down to $88.86 per barrel.