Oil prices climbed on Friday but were on track for a weekly loss as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks. Brent crude futures rose $1.66, or 1.6%, to $104.24 a barrel by 0405 GMT, while U.S. West Texas Intermediate futures were up $1.11, or 1.2%, at $97.46.
On a weekly basis, Brent was 4.6% lower and WTI was down 7.6%, with prices fluctuating sharply as expectations for a peace deal shifted.
A senior Iranian source told Reuters gaps with the U.S. have narrowed and U.S. Secretary of State Marco Rubio spoke of “some good signs” in talks, but the countries are still divided on Tehran’s uranium stockpile and controls on the Strait of Hormuz.
“Oil prices would only trend lower when oil market fundamentals materially improve, which looks destined to stretch into 2027,” said David Oxley, chief commodities economist at Capital Economics. Six weeks since a fragile ceasefire took effect, efforts to end the war have shown little progress, while elevated oil prices have fuelled concern over inflation and the outlook for global economy.
“WTI is likely to remain in a $90–$110 range next week, as it has largely done since late March,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.
