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Oil trades lower after possible meeting between Gulf countriesPhoto by moremilu on Pexels
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Oil trades lower after possible meeting between Gulf countries

oglobo11 September 2026 at 16:22

Oil was trading lower during Friday's session, with the barrel falling 4% and trading at $104.92 around noon. The decline occurred after six countries in the Persian Gulf region considered a meeting with Iranian officials to discuss oil flow through the Strait of Hormuz.

During the early morning hours this week, oil had risen to $109, driven by escalating tensions between forces backed by Saudi Arabia and the Houthis, an armed group based in Yemen and backed by Iran. The attacks also generated uncertainties about flow through the Bab el-Mandeb Strait, located on the western side of Saudi Arabia.

Much of the oil has been shipped through Bab el-Mandeb due to tensions in Hormuz, on the eastern side of the Arabian Peninsula. The retreat in oil prices contributed to the decline in Treasury yields, U.S. government bonds.

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