Muscat:Oil prices saw a decline at the beginning of trading today after US President Donald Trump indicated a low probability of initiating new strikes on Iran, as discussions aimed at resolving the conflict show progress.
According to Oman News Agency, Brent crude decreased by 84 cents, or 0.85 percent, reaching $97.48 a barrel. Meanwhile, West Texas Intermediate dropped by 32 cents, or 0.35 percent, to $90.51 a barrel.
This decrease comes after modest gains were recorded at last Friday's settlement. The market is currently evaluating the potential of further US strikes on Iran. Notably, Brent crude experienced a significant drop of 17 percent last week, marking its largest weekly decline since the COVID-19 pandemic's onset and the largest in absolute terms since 1988, based on data from the London Stock Exchange Group.