Oil prices climb as Brent faces weekly decline

Oil prices sharply declined during the week due to tensions in the Middle East and military clashes, despite rising at settlement on Friday amid uncertainty over the US-Iran understanding to end the war. Markets faced pressure following reports of a deal between Israel and Hezbollah to ceasefire in Lebanon, leading Iran to withdraw from talks with the United States that were scheduled for today, although Tehran indicated that negotiations are ongoing. Iran also announced the start of exporting 20 million barrels of its held oil, and the oil market experienced downward pressure on prices throughout the week.

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