Oil dips as US and Iran prepare for Pakistan talks
Business
Oil prices dipped this Friday as the US and Iran get ready for talks in Pakistan, raising hopes for a deal that could reopen the Strait of Hormuz, a major route for global energy.
WTI crude fell 1.5% to just above $94 a barrel, but Iran isn't too optimistic about how much these talks will actually achieve.
Oil up 13% this week
Even with Friday's drop, oil prices were up 13% this week thanks to market volatility and supply worries.
Ongoing US naval operations have made it tough for Iran to export oil, complicating any quick fixes.
And even if the Strait reopens soon, experts say it could take months before oil flows return to normal, so expect some bumps in fuel markets ahead.