Oil prices have fallen as Middle East supply concerns eased somewhat after US President Donald Trump said the country will not attack Iran before US elections next month amid productive talks to end their war that has disrupted the market, Reuters reports.

Brent crude futures LCOc1 fell 72 cents, or 0.7 per cent, to $103.53 a barrel by 0220 GMT (07:20am PKT). US West Texas Intermediate (WTI) crude futures CLc1 fell 52 cents, or 0.6pc, to $90.97.

Still, Brent prices are set for weekly gains after settling 4pc higher on Thursday because of an increase in attacks on shipping carrying crude out of the Middle East earlier this week. WTI is set for a slight weekly decline even amid supply disruptions due to a hurricane approaching the Gulf of Mexico coast in the US, the world’s biggest oil producer.