Oil Falls Nearly 2% as Trump Cancels Iran Military Strikes

Oil fell nearly 2% on Friday, with Brent crude slipping below $90 a barrel. President Donald Trump canceled plans for military strikes on Iran, citing progress in talks with Tehran, according to Reuters.

The cancellation raised hopes that a peace agreement could reopen the Strait of Hormuz to shipping, a scenario previously reported. Iran's Fars News Agency denied that Tehran had approved any deal text, Reuters reported.

Separately, OPEC trimmed its 2026 global oil demand growth forecast for a second straight month, cutting the estimate to 970,000 barrels per day from 1.17 million bpd. The revision reflects softer demand expectations, as covered in AlphaScala's commodities analysis.

Markets later Friday will watch Baker Hughes' weekly U.S. oil and gas rig count for clues on domestic supply.