Oil gains amid US-Iran ceasefire fears

Oil prices rose on Friday amid concerns over the failure to reach a lasting ceasefire between the United States and Iran, following the cancellation of planned peace talks in Switzerland and Israel's escalation of its attacks in Lebanon. Brent crude increased by 51 cents to reach $80.36 per barrel, while U.S. West Texas Intermediate rose by $1.28 to $77.88. Both benchmarks are headed for weekly losses of nearly 8%. The halted talks between Washington and Tehran have heightened uncertainty regarding the prospects of reaching an agreement to ease tensions in the Middle East and lead to an increase in oil supply in the markets.

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