Oil prices drop on US-Iran diplomatic hopes and Senate vote

Oil prices declined on Friday as markets reacted to potential diplomatic breakthroughs between the United States and Iran. Brent crude fell to $105.85 per barrel, while West Texas Intermediate (WTI) dropped to $93.80 per barrel. These movements follow a volatile week where prices surged by as much as 5 percent.

Negotiators in New York are reportedly exploring a phased exit from conflict, which could involve Tehran reopening the Strait of Hormuz and Washington lifting economic blockades. Iranian President Masoud Pezeshkian stated that the responsibility to end the conflict lies with the United States.

In the United States, the Senate is preparing to vote on a concurrent resolution aimed at ending the war with Iran. Led by Democratic lawmakers, the measure seeks to require President Donald Trump to withdraw troops unless Congress explicitly authorizes continued hostilities. While the resolution is largely symbolic and lacks the force of law, proponents argue it asserts Congressional authority under the Constitution.

Meanwhile, military tensions persist in the Middle East. Saudi Arabia reported intercepting six ballistic missiles launched by Houthi rebels from Yemen targeting the Taif province and the Yanbu area in the Red Sea.