Oil Price Today (August 28): Crude oil falls over 5% this week despite Trump rejecting terms of Iran deal. What are experts saying?
Brent crude futures fell 50 cents, or 0.6%, to $89 a barrel, while West Texas Intermediate crude futures declined 42 cents, or 0.50%, to $83. Brent was on track to lose 5.3% for the week, while WTI was set to fall 4.3%.
Oil prices experienced a sharp decline this week, with Brent crude futures falling 0.6% to $89 a barrel and West Texas Intermediate crude futures dropping 0.5% to $83 a barrel. This decline comes despite the Wall Street Journal reporting that U.S. President Donald Trump was not interested in returning to the terms of the earlier Iran deal.
The report, citing sources familiar with the situation, stated that the Trump administration had repeatedly told mediators that it did not want to revive the June memorandum of understanding, complicating diplomatic efforts to restart talks between Washington and Tehran. The geopolitical tensions have also intensified, with Moscow warning of potential targeting of British military targets in response to attacks using British-supplied long-range cruise missiles.
Brief written by urgent.news from The Economic Times - Top News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
