Overview
- Brent settled at $64.13 and WTI at $59.44 after a sharp Thursday selloff, leaving both benchmarks modestly higher for the week.
- President Trump said Iran’s crackdown was easing and that he would hold off on military action, triggering a pullback in prices before a partial rebound.
- Risk still lingers with reports of a U.S. aircraft carrier and other assets moving to the Middle East and with Israel having asked Trump to postpone an attack, prompting some short covering into the U.S. holiday weekend.
- Analysts highlight comfortable supply fundamentals for 2026, with OPEC projecting balance and the IEA flagging a surplus, a backdrop that investors say should cap any sustained rally.
- Key hazards remain concentrated in potential chokepoint disruptions such as the Strait of Hormuz, even as resumed Venezuelan barrels and Black Sea tanker incidents shape near-term flows.