London, United Kingdom – Web Desk: Global oil prices edged lower on Friday, with Brent Crude falling to $94.49 per barrel amid easing supply concerns linked to ongoing diplomatic developments.
Market sentiment improved following recent talks between Iran and United States, raising expectations of reduced tensions around the strategically vital Strait of Hormuz.
According to market data, Brent crude declined by 44 cents to settle at $94.49 per barrel. Meanwhile, West Texas Intermediate (WTI) also dropped, trading at $90.59 per barrel.
Analysts say the modest decline reflects optimism that improved geopolitical conditions could stabilize global oil supply chains, particularly in the Middle East, a region critical to energy exports.
Brent crude serves as a key global benchmark, widely used to price oil exports from Europe, Africa, and the Middle East. Any shifts in its pricing are closely monitored by investors, policymakers, and energy markets worldwide.
