Oil drops 5.5% to near $102 as US Iran talks
Business
Oil prices took a hit on Friday, dropping 5.5% before settling near $102 a barrel, as the US and Iran try to hash things out over ongoing tensions.
While Iran seems willing to negotiate, President Trump isn't budging on its demands: Some traders think he's just playing hardball.
Chevron CEO warns of supply crunch
With Labor Day holidays in places like China and Germany, trading was pretty quiet.
The Strait of Hormuz remains closed, adding to the energy crunch and pushing oil toward an 11% weekly gain.
Industry leaders like Chevron's CEO are sounding the alarm about global oil supplies running dry and the threat to fuel demand, while Japan has stepped in to steady its currency as these pressures ripple through the global economy.