Oil Falls After Report China Pushes for End to US-Iran War

Oil prices fell sharply Friday after Reuters reported that China has initiated a push to resume stalled peace talks between the United States and Iran. Crude futures dropped more than 4%, with both Brent and U.S. West Texas Intermediate ending lower on the day, though both remained on track for weekly gains. The market reaction reflected “hope” that tensions might ease, following exchanges of missile strikes and reduced traffic through the Strait of Hormuz, alongside continued disruptions from attacks in the Red Sea.