PERTH, March 27 : Oil prices fell in early trade on Friday and were down over a volatile week after U.S. President Donald Trump said talks with Iran to end the war were going 'very well' and announced he would pause attacks on the country's energy plants for 10 days.
Brent futures fell 90 cents, or 0.8 per cent, to $107.11 per barrel as of 0024 GMT, while U.S. West Texas Intermediate futures lost 83 cents, or 0.88 per cent, to $93.65 per barrel.
Trump said he was pausing the period of energy plant destruction by 10 days to April 6, 2026. An Iranian official called a U.S. proposal 'one-sided and unfair.' The U.S. has also sent thousands of troops to the Middle East, with Trump weighing whether to use ground forces to seize Iran's strategic oil hub of Kharg Island.
The war has nearly halted shipments through the Strait of Hormuz, which typically carries about a fifth of the world's crude oil and LNG supply.