Oil Prices Fall 1% Amid US-Iran Ceasefire Hopes: What It Means For India’s Fuel Costs

World stocks rose to record highs on Friday and oil futures eyed their steepest weekly drop in nearly two months as traders waited for details on a potential deal to reopen the Strait of Hormuz and extend the US-Iran ceasefire.

Crude oil prices declined on Friday after reports suggested that the United States and Iran are likely to extend their ceasefire agreement following recent military tensions in West Asia.

Oil prices slipped on this de-escalation optimism, yet stayed above pre-war levels as the Strait of Hormuz largely remains closed.

International benchmark Brent crude was trading at about $94 per barrel as of Thursday afternoon, down from about $96 per barrel before reports emerged.