Oil prices dropped Friday after US President Donald Trump announced that America will not strike Iran before the midterm elections on November 3. Trump described talks with Tehran as "productive," easing some of the market's fear of a military escalation that could disrupt global oil supply.
Brent crude futures fell 1.3% to $102.91 per barrel, according to trading data reported by Reuters. West Texas Intermediate crude dropped 1.2% to $90.40 per barrel.
The declines followed sharp gains Thursday: Brent had surged 4.1% to close at $104.28 per barrel, while WTI climbed 3.6% to $91.49. Despite Friday's pullback, Brent was still on track to finish the week higher, while WTI headed for a slight weekly decline.
