![A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024 [Tayfun Coşkun/Anadolu Agency]](https://www.middleeastmonitor.com/wp-content/uploads/2024/04/AA-20240416-34278347-34278339-GAS_PRICES_ARE_ON_THE_RISE_IN_CALIFORNIA.jpg)
Oil prices fell on Friday, extending losses from the previous session after US President Donald Trump had cancelled plans to launch strikes on Iran, easing concerns about a further escalation in hostilities following reciprocal attacks earlier this week. Brent crude futures fell by $1.21, or 1.3 per cent, to $89.17 a barrel. US West Texas Intermediate crude dropped by $1.23, or 1.4 per cent, to $86.48 a barrel. On a weekly basis, Brent crude lost 4.2 per cent, while US crude fell 4.4 per cent. After previously threatening to bomb Iran “with great force”, Trump cancelled the planned strikes on Thursday, saying that talks with Iran had made progress. However, Iran’s semi-official Fars News Agency reported that Tehran had not […]
