Crude oil and refined product futures prices were seeing solid declines in early trade Friday, but many contracts still remain on track to finish the week substantially higher.
The pullback comes amid reports of new peace efforts after contracts rose through the week amid escalating fighting between the U.S. and Iran.
Brent crude futures were down nearly 5% at 11:15 a.m. ET, with September prices falling by $4.73 to $95.96/bbl. The contract on Thursday had settled above $100/bbl for the first time since late May.
October losses were more muted, with the more actively traded contract down $3.56 to $90.70/bbl.
West Texas Intermediate crude futures were seeing declines of about 4%, with the September contract trading $3.82 lower to $88.37/bbl while October prices fell by $2.59 to $84.42/bbl.
