Oil prices steady at end of volatile week amid ongoing talks between Washington and Tehran

Oil prices settled at the end of a week marked by sharp fluctuations, as talks between the United States and Iran continued despite renewed military clashes that led to a decline in shipping activity through the Strait of Hormuz. Brent crude oil price reached approximately $76 per barrel, after losing more than 2% on Thursday’s session, while West Texas Intermediate remained below $72. The tensions are attributed to attacks on ships in the strait, as well as US strikes against Iranian targets. The market is heading toward weekly gains as investors await the announcement of oil allocations for Gulf countries, especially Saudi Arabia, amid expectations that a diplomatic solution will not collapse despite escalating tensions.

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