Oil prices traded sharply lower on Friday ahead of potential weekend negotiations between the United States and Iran. U.S. President Donald Trump has indicated that a second round of talks could take place this weekend, warning that fighting may resume if no deal is finalized.Brent crude prices fell nearly 2 percent to $97.40 a barrel while WTI crude futures were down 2.4 percent at $92.41.Both contracts were down more than 3 percent over the week as Israel and Lebanon agreed to a 10-day ceasefire, fuelling optimism on the prospect of a long-term peace deal in the Middle East.Trump has expressed optimism about securing a permanent ceasefire with Iran, while announcing the deployment of additional 10,000 troops to bolster U.S. military presence in the region.Trump claimed that Tehran had agreed to hand over its enriched uranium, provide "free oil" and reopen the Strait of Hormuz, adding he might go to Pakistan if a deal is reached.Trump also said Chinese President Xi Jinping has assured him that Beijing will not supply weapons to Iran. China has firmly rejected the allegations and warned that any economic retaliation such as tariff increases would trigger countermeasures.Iran's state-owned broadcaster IRIB claimed the U.S. leader was "building castles in the air."Amid renewed supply constraints, investors await clarity on how the upcoming negotiations between the United States and Iran will take shape.IMF Executive Director Fatih Birol has warned that Europe has about six weeks of jet fuel left and restoring a meaningful portion of disrupted oil and gas output could take up to two years.
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Market Analysis
April 10, 2026 16:21 ET Inflation data from the U.S. was the main data event this week as the conflict in the Middle East continue. The minutes of the latest Fed policy session and the survey data on the services sector also made headlines. In Europe, manufacturing orders data from Germany was in focus. Price data from China drew attention in Asia.