Oil heads for weekly loss as US-Iran diplomacy stalls
Oil heads for weekly loss as US-Iran diplomacy stalls. Brent crude fell 0.3% to $89.45, WTI down 0.3% to $83.31, with both benchmarks poised to snap a two-week winning streak.
Petrol and diesel prices held steady across major Indian cities on Friday, 28 August. State-owned fuel retailers have not changed rates since May 25, shielding domestic consumers from global volatility. In New Delhi, petrol costs ₹ 102.12 per litre and diesel ₹ 95.20 per litre.
Oil prices are heading for a weekly loss, ending a two-week winning streak. Brent crude futures fell 0.3%, down 25 cents to trade around $89.45 a barrel by 0035 GMT, Reuters reported. West Texas Intermediate crude futures also fell 0.3%, down 22 cents to trade around $83.31. Brent is down 5.3% for the week and WTI down 4.3%.
The slide comes as US-Iran diplomacy stalls. White House press secretary Karoline Leavitt said President Donald Trump "continues to retain all options on the table" with regard to Iran. She told Fox News the administration has run "Operation Epic Fury to destroy their military" and "Operation Economic Outcast to destroy their economy."
"No negotiations are happening right now, and this will continue until the president feels that maybe they come to the table in a meaningful way," Leavitt said.
Qatar's prime minister visited Tehran amid deadlock over reopening the Strait of Hormuz, the strategic waterway through which about 20% of global energy supplies passed before the war. Major combat operations have been halted for weeks but there has been little progress toward a wider peace agreement.
Meanwhile, Congress general secretary Randeep Surjewala accused the Centre of facilitating a ₹ 36,000-crore sugar scam, PTI reported. He said 12 million tonnes of sugar will benefit hoarders and black-marketeers, with prices rising from ₹ 40 to ₹ 75 per kg. He also charged the Modi government with using 32% of sugarcane stocks for E20 fuel production between November 2025 and July 2026, reducing sugar available for the public.
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