Oil prices were broadly steady with a slight upward bias on Friday morning, following the first weekly decline recorded this week. Optimism over progress in talks between the United States and Iran was offset by continuing uncertainty regarding a possible ceasefire agreement between Israel and Lebanon.
Brent crude was trading up 0.32% at around $95 per barrel, after falling 2.8% on Thursday, while WTI (West Texas Intermediate) crude was hovering near $93 per barrel. Donald Trump, the President of the United States, said that talks with Iran were progressing positively, despite the fact that Hezbollah, which is backed by Tehran, rejected a ceasefire proposal between Israel and Lebanon that had been mediated by Washington.
Despite Thursday’s pullback, WTI remains up more than 6% on a weekly basis. The gains have been attributed to renewed doubts about the direction of negotiations, limiting the optimism that had emerged earlier over a potential agreement that could lead to the full restoration of energy flows through the Strait of Hormuz.
This maritime passage is a critical chokepoint for the global energy market. Under normal conditions, approximately 20% of global trade in crude oil and liquefied natural gas (LNG) passes through the Strait of Hormuz, making any disruption or uncertainty in the region highly significant for global energy prices.
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