Oil prices remained stable on Friday and barely changed for the week as traders held onto hopes for a successful outcome from efforts to secure peace between the United States and Iran.
Brent futures were down 4 cents, or 0.06%, at $71.76 a barrel by 1132 GMT. West Texas Intermediate was down 20 cents, or 0.29%, at $68.49 a barrel.
Over the week, Brent was down 0.3% WTI has lost about 1.1%.
“The U.S.-Iran dealmaking process remains fragile but continues for now, as the question of Strait of Hormuz tolls and administration remains contentious,” Citi analysts wrote on Friday. “We expect the MoU (memorandum of understanding) to hold, not because trust has suddenly emerged, but because the incentives to break are poor for both sides.”
Some shipping has resumed through the Strait of Hormuz this week, as called for under the initial U.S.-Iranian deal, but uncertainty remains high.
On Thursday, the two oil benchmarks dropped to their lowest levels since before the U.S.-Israeli conflict with Iran started in late February.
By CEO NA Editorial Staff
