Oil prices are trading lower on Friday, heading for a weekly decline of more than 5%, as investors weigh the likelihood that a deal between the United States and Iran will actually materialise.
Brent crude, the European benchmark, fell 0.62% to $87.99 per barrel in morning trade, having rallied 1.8% in the previous session. West Texas Intermediate (WTI), the US benchmark, shed 0.83% to $82.82 per barrel, while natural gas traded in Amsterdam gained 1.29% to €69.13 per megawatt-hour.
According to the Wall Street Journal, US President Donald Trump told mediators he is not interested in resuming the terms of the ceasefire agreement reached with Tehran in June. The report rattled investor expectations that an understanding between Iran and Oman to share revenues in the Strait of Hormuz could pave the way for a broader diplomatic settlement.
On Thursday afternoon, White House press secretary Karoline Leavitt stated that the United States was not negotiating with the Islamic Republic and that the naval blockade of Iranian ports would remain in place — one of the key measures Tehran has demanded be lifted before it agrees to enter any talks.
“The White House response that there will be no negotiations at this time and that the naval blockade will be maintained caught the market a bit off guard,” Dennis Kissler, senior vice president of trading at BOK Financial Securities, told Bloomberg. “Expectations quickly shifted back toward a supply reduction, at least in the near term,” he added.
Even so, oil prices have found some support from the fact that, even without a deal, crude flows through the Strait of Hormuz are gradually increasing. Gulf producers have been ramping up exports, with an estimated six to eight million barrels per day currently being shipped by sea, according to oil traders monitoring cargo activity, as cited by Bloomberg.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/28/commodities-3/petroleo-em-queda-apos-acelerar-quase-2-no-dia-anterior/
