Oil Prices Head for Weekly Loss as Iran Tensions and Venezuela Deal Shake Markets

TLDR

• Brent crude fell 0.67% to $89.10 and WTI dropped 0.77% to $82.89 on Friday
• Both benchmarks are on track for weekly losses of 4% to 5.5%
• Trump administration says it has no interest in reviving the June peace deal with Iran
• The U.S. is close to securing long-term access to Venezuela’s oil reserves
• Venezuela is reportedly considering leaving OPEC as ties with Washington grow

Oil prices dropped on Friday, putting both major benchmarks on course for a weekly loss after two straight weeks of gains.

Brent crude fell to $89.10 a barrel, while West Texas Intermediate dropped to $82.89. For the week, Brent is down around 5.3% and WTI is off about 4.3%.

The losses come despite a brief rebound on Thursday, when markets reacted to a Wall Street Journal report that the Trump administration has no interest in returning to the terms of a June peace deal with Iran.

Tehran has repeatedly said the U.S. must honor that deal before new talks can begin. The agreement lapsed earlier in August.

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