Oil prices fell on Friday and were on track for the steepest weekly decline in six months after U.S. President Donald Trump said talks to end the war with Iran were going well and that he would pause attacks on the country’s energy plants for 10 days.
Asian stocks moved in a flat-to-low range on Friday as U.S. President Donald Trump’s postponing of strikes on Iran brought some relief, although concerns over a prolonged conflict kept regional markets under pressure.
Oil prices edged lower in Asian trading on Friday and were set to post a weekly loss, as hopes of easing Middle East tensions reduced the risk premium that had supported markets in recent sessions.
The dollar firmed on Thursday, as the currency’s recent safe haven status was bolstered by muddled messaging on the state of peace talks between the U.S. and Iran.
Asian stock markets were swept up in a global rout on Friday, tracking Wall Street lower as the threat of a protracted energy shock out of the war-torn Middle East sent borrowing costs spiralling higher.
US President Donald Trump said Iran was desperate to make a deal to end nearly four weeks of fighting, contradicting the Iranian foreign minister who said his country was reviewing a US proposal but had no intention of holding talks to wind down the conflict.