Oil Prices Hold Firm Amid Middle East Uncertainty

PUKMEDIA

Oil prices.

Global oil prices remained relatively stable on Friday as markets continued to assess developments in the Middle East and the prospects for a peace agreement between the United States and Iran.

Brent crude rose slightly to around $95.36 per barrel, while US West Texas Intermediate (WTI) crude traded at approximately $93.06 per barrel. Despite recent volatility, both benchmarks are on course to record their first weekly gain in three weeks. 

Market sentiment has been influenced by ongoing geopolitical tensions, including uncertainty surrounding negotiations between Washington and Tehran and continued disruptions to shipping activity in the Strait of Hormuz, a key route for global energy supplies. Analysts have also expressed concern over declining global oil inventories, warning that tighter supplies could place further upward pressure on prices later in the year. 

Additional support for prices came after reports of disruptions at Oman’s Mina al Fahal oil terminal, while hopes for a swift breakthrough in regional peace talks have faded amid continuing disagreements between key parties involved in the negotiations. 

Despite these concerns, the market remains cautious as investors closely monitor diplomatic developments and their potential impact on global oil supply and demand in the coming weeks.


PUKMEDIA