WTI crude oil futures fell 3% to about $90.30 per barrel on Friday, pressured by signs of weakening global demand and the absence of progress in talks between Washington and Tehran. President Trump has said that discussions with Iran are moving forward, but tensions remain high, with disputes over Lebanon continuing to complicate efforts to reach a broader deal.
Demand concerns further weighed on prices after Chinese crude imports dropped to their lowest level in a decade, underscoring reduced refinery throughput and softer consumption. Several analysts now expect global oil demand growth to decelerate sharply this year.
Earlier price gains, driven by fears of prolonged disruptions in the Strait of Hormuz, have partly unwound, although uncertainty in the region remains elevated. In Oman, operations at the Mina Al Fahal export terminal were briefly interrupted by an explosion before resuming.