Oil prices fell and were on track for the steepest weekly decline in six months after US President Donald Trump said talks to end the war with Iran were going well and that he would pause attacks on the country’s energy plants for 10 days.

Brent futures fell 84 cents, or 0.8 per cent, to $107.17 per barrel as of 0353 GMT, while US West Texas Intermediate futures lost $1.02, or 1.1pc, to $93.46 per barrel, trimming gains from a bullish previous session.

Both benchmarks were trading 4.6pc lower on a weekly basis despite the Brent rising 5.7pc and WTI gaining 4.6pc on Thursday on fears of further escalation of the war.

“Despite talks of de-escalation, oil is trading on war longevity, not just headlines. Any direct damage to oil infrastructure or prolonged conflict could force markets to rapidly reprice higher,” said Priyanka Sachdeva, analyst at Phillip Nova.