Oil prices decline for a second day as hopes for a US-Iran deal ease supply concerns and weigh on market sentiment.
West Texas Intermediate crude fell to around $82.50 per barrel, extending losses for a second consecutive session amid renewed diplomatic efforts between the US and Iran. Prices slipped below $82.60 during Asian trading hours on Friday.
The decline follows a broader trend as investors assess the potential for a negotiated resolution to tensions, which could ease supply disruptions in the Middle East. Prior sessions saw modest gains, but optimism over diplomacy has reversed sentiment.
Market reaction remains cautious, with traders monitoring developments for further signs of progress or setbacks in negotiations.