Oil falls after US Federal Reserve hints at rate rise
Business
Oil prices slid on Friday, with Brent crude closing at $89.31 and WTI at $83.40 per barrel.
The drop came after the US Federal Reserve hinted it might raise interest rates to fight inflation, making investors nervous about slower economic growth and less demand for oil.
Talks to reopen Strait of Hormuz
Besides the Fed news, oil markets are feeling the heat from talks to reopen the Strait of Hormuz, a key oil route disrupted by sanctions and regional tensions.
Fewer ships are passing through, and negotiations over Venezuelan oil, plus disruptions in Russian supply, have kept prices on edge all week.