Oil steadies as market awaits possible U.S.-Iran ceasefire deal

Oil futures steadied on Friday but were still on track for their steepest weekly decline since early April after reports of a potential U.S.-Iran ceasefire extension. The headline eases immediate geopolitical risk premiums in crude, pressuring energy prices and broader commodities. The move is likely to weigh on oil-linked assets and sentiment across the energy complex.

Analysis

Oil futures steadied on Friday but were still on track for their steepest weekly decline since early April after reports of a potential U.S.-Iran ceasefire extension. The headline eases immediate geopolitical risk premiums in crude, pressuring energy prices and broader commodities. The move is likely to weigh on oil-linked assets and sentiment across the energy complex.