Oil prices edged higher on Friday as investors closely monitored geopolitical developments and awaited further signals on efforts to ease tensions between the United States and Iran.
According to Reuters data, Brent crude futures rose 17 cents, or 0.24%, to $72.10 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 14 cents, or 0.20%, to $68.83 per barrel.
Despite the modest gains, both benchmarks ended the previous trading session at their lowest levels since before the outbreak of the U.S.-Israeli conflict with Iran in late February.
For the week, price movements remained limited. Brent crude was down 0.02%, while WTI was up 0.12%, marking one of the narrowest weekly trading ranges seen in several months.
Tim Waterer, Chief Market Analyst at KCM Trade, said markets are showing “cautious optimism” regarding ongoing peace efforts. He noted that investors want to believe diplomatic progress will lead to greater stability, but they are still waiting for clear signs that conditions on the ground are improving.
Market sentiment has also been influenced by developments in global energy supply. Following the reopening of the Strait of Hormuz, several countries have begun increasing oil production and exports.
Before the conflict, roughly one-fifth of the world’s oil and liquefied natural gas shipments passed through the strategic waterway, making its stability a key factor for global energy markets.
Traders are expected to remain focused on geopolitical developments in the region, as well as any signs of changes in global supply and demand, which could influence oil prices in the coming weeks.
