Washington: (Right Now News) Global oil prices continued to fluctuate on Friday. US President Donald Trump announced progress in negotiations to end the conflict with Iran and postponed attacks on energy facilities. Following this statement, a slight drop in oil prices was observed.

The price of British Brent crude oil fell by 84 cents, or 0.8%, to $107.17 per barrel. The US West Texas Intermediate crude oil price dropped by $1.02, or 1.1%, to $93.46 per barrel. Both benchmarks are trading approximately 4.6% lower on a weekly basis.

According to analyst Priyanka Sachdeva from Phillip Nova, oil prices depend more on the duration of the conflict than on news. If oil infrastructure is damaged or the conflict prolongs, prices could rise.

Donald Trump announced a halt to attacks on Iran’s energy facilities, yet the US has deployed more troops in the Middle East and is considering ground operations on Iran’s strategic oil hub.

It is noteworthy that this conflict has disrupted the global supply of 11 million barrels of oil per day, which the International Energy Agency has deemed more severe than the 1970s Russia-Ukraine gas crisis.