A move by Iran to offer a proposal on negotiations with the U.S. sent crude oil prices falling on Friday. The decline was nearly 3% for prices in the U.S.
Still, oil prices managed a gain for the week.
Brent crude finished down $2.23 or 2.02% at $108.17 after soaring earlier in the week to as high as $126 a barrel.
West Texas Intermediate, the U.S. benchmark, dropped $3.13 or 2.98% a barrel and closed at $101.94 on the New York Mercantile Exchange.
President Donald Trump rejected Iran’s latest proposal to end the war between the countries, saying Friday he still was not satisfied while blaming Iran’s “fractured” leadership.
Still, analysts explained the proposal from Iran gave hope to investors and it showed as oil prices began a decline. Oil prices have been on the rise since the U.S. and Israel attacked Iran at the end of February, resulting in the closure of the Strait of Hormuz and the disruption of shipments of about a fifth of the world’s oil and liquefied natural gas supply.
Natural gas finished up and closed at $2.78 MMBtu following a gain of $0.013 or 0.47%.
All but two Oklahoma energy stocks recorded losses on Friday. The only gain for the day was USA Rare Earth with a more than 1% increase at the end of the day. NGL Energy Partners led those with losses with a nearly 7% drop.