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Oil steadies as peace prospects rise
Oil prices stabilized during the week amid growing optimism about positive outcomes from peace talks between the United States and Iran. Brent futures rose to $71.94 per barrel, while West Texas Intermediate futures increased to $68.78, despite weak trading conditions ahead of the American Independence Day holiday. Expectations of reopening the Strait of Hormuz were strengthened following the resumption of some shipping activities, but uncertainty remains due to disagreements over the management of the strait and responses to Iranian attacks. Meanwhile, Gulf countries increased their production, and the market shifted from a supply shortage to a surplus, with expectations of tight supplies easing.
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