Oil prices whipsawed in volatile trade on Friday but were higher on the week as traders weighed supply disruptions against the potential restart of peace talks between the US and Iran that could help limit those disruptions.
Brent crude futures settled at $105.33 a barrel, rising 26 cents, or about 0.3%. US West Texas Intermediate futures settled at $94.40 a barrel, falling $1.45, or 1.5%. For the week, Brent gained about 16% and WTI rose nearly 13%.
Crude futures gave back early gains after Reuters reported that Iranian Foreign Minister Abbas Araqchi was expected to arrive in Islamabad late on Friday to discuss proposals for resuming peace talks with the US after talks collapsed earlier this week.
Prices fell further after CNN reported that US President Donald Trump was sending special envoy Steve Witkoff and Jared Kushner to Pakistan for talks with Iran.
Later, Trump told Reuters that Iran plans to make an offer aimed at satisfying US demands. “They’re making an offer, and we’ll have to see.”
Early in the session, prices rose 2% on fears of renewed military escalation in the region, a day after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and as progress stalled on reopening the vital waterway.
“Traders are liquidating length ahead of an unusually unpredictable weekend and will readjust their positions on Sunday night based on Iranian developments,” said Tamas Varga of oil broker PVM.
Navigation through the Strait of Hormuz remains effectively blocked.
Only five ships, including an Iranian oil products tanker, have moved through the Strait of Hormuz in the past 24 hours, shipping data showed.
Haitong Futures said in a report that if peace talks fail to make progress by the end of April and fighting resumes, oil prices could climb to new highs for the year. – Reuters
- Oil prices whipsawed in volatile trade on Friday but were higher on the week as traders weighed supply disruptions against the potential restart of peace talks between the US and Iran that could help limit those disruptions.
- Brent crude futures settled at $105.33 a barrel, rising 26 cents, or about 0.3%.
- US West Texas Intermediate futures settled at $94.40 a barrel, falling $1.45, or 1.5%.
- For the week, Brent gained about 16% and WTI rose nearly 13%.
- Crude futures gave back early gains after Reuters reported that Iranian Foreign Minister Abbas Araqchi was expected to arrive in Islamabad late on Friday to discuss proposals for resuming peace talks with the US after talks collapsed earlier this week.
