Crude oil futures prices were more than 4% lower on Friday after sources said that China had initiated a push to resume stalled peace talks between the United States and Iran, but remained on track for hefty weekly gains.
Both Brent and U.S. West Texas Intermediate crude have rallied this week as the United States and Iran exchanged missile strikes, traffic through the Strait of Hormuz fell to a trickle and Yemen's Houthis attacked shipping in the Red Sea.
