Oil Set to End the Week on a Loss as Iran Tensions Persist

Brent crude futures slipped 25 cents, a 0.3% drop, to $89.45 a barrel, while West Texas Intermediate (WTI) fell 22 cents, also 0.3%, to $83.31. Both benchmarks are now positioned to finish the week lower, with Brent down 5.3% and WTI down 4.3%. The decline comes amid continued diplomatic friction over Iran, following a report that U.S. President Donald Trump is unwilling to revive the June memorandum of understanding that previously eased sanctions.

The U.S. has imposed what it calls the "toughest sanctions in history" on Iran, a move Tehran has condemned as "inhumane and hostile" and claims to have lost effectiveness. Despite Washington’s statement that it is not in talks with Iran, other nations have pressed for renewed dialogue.

In parallel, geopolitical tensions have risen after Moscow warned it could target British military sites inside and outside Ukraine in retaliation for Kyiv’s use of British‑supplied long‑range cruise missiles. Trump has dismissed concerns that Russian President Vladimir Putin might strike a NATO member.

These developments have weighed on market sentiment, contributing to the recent slide in oil prices as investors assess the potential impact of expanded sanctions and regional instability on global supply dynamics.