Oil prices fell in Asian trade on Friday, with Brent down 0.3% to $63.55 per barrel and WTI falling 0.3% to $59.04 per barrel. Concerns about supply risks eased as the likelihood of a U.S. strike on Iran receded. Trump’s statement that he would hold off on military strikes on Iran led to a decline in prices, but they remain higher than a week ago. Analysts expect greater volatility in oil prices due to potential supply disruptions from political upheaval in Iran. OPEC projects a balanced market in 2026, with Shell bullish on energy demand and oil growth, estimating a 25% increase in primary energy demand by 2050.

Read more at Yahoo Finance: Oil prices extend losses as chance of US strike on Iran recedes