FX.co ★ Oil Nears $92 on Hopes Over US-Iran Talks

Crude oil slipped to about $92 a barrel on Friday after Iran urged the United States to return to an interim peace agreement that failed to end the summer’s conflict. The proposed step-by-step deal would mirror the memorandum of understanding reached between Washington and Tehran in mid-June, which produced a fragile ceasefire that broke down within weeks. Iran’s foreign minister said Tehran would reopen the Strait of Hormuz and resume nuclear negotiations with the US within seven days if the Trump administration accepts its conditions, including lifting the naval blockade, unfreezing Iranian assets, and ending the war “on all fronts.” Crude shipments through the Strait of Hormuz reached 33.7 million barrels this week, keeping exports roughly in line with the previous week. Oil prices have swung sharply in recent days amid conflicting signals on the prospects for peace, tentative signs of recovering energy flows from the Middle East, and speculation that Washington may curb US diesel exports. Despite recent gains, the US oil benchmark is still down about 7.4% for the week.