Summary
- October-delivery WTI was trading at $90.72 a barrel, down 0.6% from the previous session.
- Military tensions between the US and Iran have eased somewhat, putting pressure on recently surging oil prices.
- With tensions around the Strait of Hormuz and worries over crude supply disruptions persisting, WTI is on track for its biggest weekly gain since July.
International oil prices are falling as military tensions between the US and Iran ease somewhat.
Walter Bloomberg, an overseas financial news feed, reported on September 4 that West Texas Intermediate crude for October delivery was trading at $90.72 a barrel, down 0.6% from the previous session.
With no new attacks by the US or Iran reported overnight, oil prices appear to be coming under pressure after their recent surge. The US government has also said it wants to avoid any clash between the two countries escalating into a broader conflict.
Still, tensions around the Strait of Hormuz continue to stoke concerns over potential supply disruptions. Despite Friday's decline, WTI is on track for its biggest weekly gain since July.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.