Brent heading for over 8% weekly loss as traders weigh U.S.-Iran truce outlook

Brent crude was steady on Friday but remained on track for a weekly decline of more than 8% as traders priced in fading U.S.-Iran truce prospects after talks were called off. Israel’s escalation of attacks in Lebanon added to geopolitical uncertainty, keeping oil markets on a defensive footing.

Analysis

Brent crude was steady on Friday but remained on track for a weekly decline of more than 8% as traders priced in fading U.S.-Iran truce prospects after talks were called off. Israel’s escalation of attacks in Lebanon added to geopolitical uncertainty, keeping oil markets on a defensive footing.