Oil prices slide after President Trump said Iran talks productive
Business
Oil prices slid on Friday after President Trump said Washington was having "productive discussions" with Iran, which helped ease fears about oil shortages from Middle East tensions.
Brent crude dropped to $103.53 a barrel and US WTI slipped to $90.97, though Brent was on track for a weekly gain and WTI was set for a slight weekly decline.
US sanctions, Gulf output down 62.9%
The oil market's still dealing with US sanctions on Iranian oil and big production cuts in the Gulf after Hurricane Isaias. Local output there is down 62.9%.
On top of that, Iran might reopen the Strait of Hormuz, a crucial route for global oil trade, but prices remain shaky and below their crisis peak of $126 per barrel.