Oil Prices Decline as Traders Assess US-Iran Hormuz Negotiations

West Texas Intermediate crude futures fell approximately 2.3% to settle near $92 a barrel on tentative progress in US-Iran talks regarding the Strait of Hormuz.

Despite the weekly drop, physical oil markets remain tight, with Brent's prompt spread widening to nearly $7 a barrel amid supply constraints.

Iranian-backed Houthi militant strikes continued in the region, with Saudi Arabia reporting the interception of missiles fired toward Yanbu and Taif.