Oil prices retreated on Friday on hopes of a resumptions in negotiations, but notched sharp weekly gains after soaring above $100 a barrel.
The war in Iran will likely end soon after November's mid-term elections, President Donald Trump said Saturday, and predicted that energy prices would fall sharply once that happens.
"I think very soon, I think it'll be right after the mid-terms, actually," Trump said on a trip to Ireland when asked by reporters when the Iran war is likely to end. "I would say shortly, and oil will come tumbling down when that happens,"
Oil prices retreated on Friday, but notched sharp weekly gains after soaring above $100 a barrel for the first time in months.
Brent crude oil futures , the global benchmark, settled down 2.8% at $104.61 a barrel. U.S. West Texas Intermediate was down 2.4% to settle at $100.05 per barrel. On Thursday, Brent crude peaked at around $108 a barrel, while WTI hit more than $104.
The price decline came after Iranian state media said Tehran will meet with Gulf states in Oman to discuss the Strait of Hormuz, indicating some diplomacy is taking place despite a week of sharp escalation.
MS NOW quoted a senior government official and a Gulf diplomat as saying that Iranian and Gulf officials will meet in Oman's capital, Muscat, on Monday to sign an agreement that will establish an Iran-Oman shipping route through the Strait of Hormuz.
But Iranian President Masoud Pezeshkian said his country will not surrender , adding that it has resisted aggression from the U.S. and Israel.
"Iran has successfully stood against Israel and the U.S .," Pezeshkian said late Friday as he addressed a gathering of Indian religious leaders in New Delhi. "Since we are seeking truth and justice, we will not yield in front of bullying arrogance."
Pezeshkian's comments ahead of the BRICS Summit in India over the weekend came on the heels of Trump's assertion earlier this week that Iran would have wiped out Israel and the Middle East, and started hitting U.S. cities, if Washington had not taken military action against Iran.
Trump also said Saturday that Iran was likely responsible for attacks on Saudi Arabia's crucial East-West crude oil pipeline.
"Well, I think they are. Probably, they are," he said in response to a reporter's question about the attack.
Saudi Arabia said Friday that it shut down the pipeline as a precautionary measure after multiple attacks by drones launched from Iraq.
The drones targeted the pipeline in the Riyadh and Medina regions Thursday morning causing fires and some damage, the Saudi government said. Several people were injured in the attacks, it said.
The Saudis have relied on the East-West pipeline to shift crude oil exports away from Persian Gulf as the U.S. and Iran battle for control over the Strait of Hormuz. The pipeline, which has a capacity of 7 million barrels per day, runs across the kingdom to export terminals on the Red Sea.
Emergency teams were deployed to secure the pipeline and assess its safety after Thursday's attacks, the Saudi Energy Ministry said.
Reporting synthesized and verified under Nexvoro.tech editorial guidelines. Full primary records referenced via CNBC World & Geopolitics.
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