Oil Falls on Hopes for US-Iran Negotiations, Hormuz Progress

Oil edged lower in thin trading with US-Iran peace negotiatons on the ropes but still in play, leading some traders to peel back risk ahead of the weekend.

West Texas Intermediate fell as much as 5.5% on Friday, before retracing partly to trade near $102. Uncertainty over future supply has contributed to sharp price swings, depressing trading volumes. Markets are closed in many nations — including China, Singapore, Germany, France and Brazil — for Labor Day.