After Days of Tension.. This Is What Trump's Latest Statement Did to Oil Prices!

Concerns over oil supplies in the Middle East subsided after US President Donald Trump ruled out attacking Iran before the midterm elections scheduled for next month.

Oil markets responded with a slight decline as Trump spoke about constructive talks to end the war with Iran that had caused market disruption.

Brent crude futures fell 72 cents or 0.7 percent to $103.53 per barrel by 0220 GMT. West Texas Intermediate (WTI) futures also dropped 52 cents or 0.6 percent to $90.97.

However, Brent is heading for weekly gains after rising four percent at settlement on Thursday due to increased attacks on ships transporting crude oil from the Middle East earlier this week.

WTI is expected to record a slight weekly decline even amid supply disruptions caused by a hurricane approaching the Gulf Coast in the United States, the world's largest oil producer.

Trump said on Thursday that Washington is holding "productive discussions" with Iran and confirmed there are no plans to launch any attack before the congressional midterm elections scheduled for November 3, following media reports suggesting he was considering an attack before that date.

Iran's Tasnim news agency reported on the same day that Foreign Minister Abbas Araghchi said Tehran is reviewing the US response to its proposal to reopen the Strait of Hormuz within seven days.

The United States continues to exert economic pressure on Iran in an attempt to end the war.

The US imposed new sanctions on Thursday targeting individuals, networks, and 17 vessels for transporting Iranian crude oil, petroleum products, and petrochemicals.

Prices experienced volatility this week as threats against oil shipments in the Gulf and the Strait of Hormuz increased; these routes previously carried shipments equivalent to approximately 20 percent of global total oil and fuel before the outbreak of the war.