Oil falls on prospects for talks to end Iran war and revive supply

Oil prices fell in early trade on Friday on optimism the Middle East conflict could be nearing ​an end after a 10-day ceasefire between Lebanon and Israel ‌took effect and President Donald Trump said the US and Iran may meet for talks on the weekend. Brent crude futures declined by $1.34, or 1.35%, to $98.05 ​a barrel at 0021 GMT. US West Texas Intermediate crude futures ​fell $1.65, or 1.74%, to $93.40 a barrel, trimming gains from ⁠the previous session. Addressing a key sticking point in talks to ​end the Iran war, which has closed the Strait of Hormuz ​for seven weeks and choked off roughly one-fifth of the world’s oil supply, Trump said Tehran had offered not to possess nuclear weapons for more than ​20 years. “We’re going to see what happens. But I think ​we’re very close to making a deal with Iran,” Trump told reporters outside ‌the ⁠White House on Thursday.