Brent Hits $105.7 On Fifth Day of Gains As Supply Fears Persist; WTI Dips to $94.7

Brent crude futures traded around $105.7 per barrel on Friday, officials and market analysts reported, marking a fifth straight session of gains and bringing the weekly advance to roughly 17 per cent as supply concerns remained elevated.

WTI crude oil futures eased to $94.7 per barrel on Friday, traders noted, snapping a four-day winning streak, after the White House said it would send envoys to Pakistan, where Iranian officials are also expected, raising tentative hopes that stalled US-Iran talks could resume and eventually reopen the Strait of Hormuz.

However, Iran struck a cautious tone, with reports suggesting no formal talks are currently scheduled during Foreign Minister Abbas Araghchi’s visit, diplomats indicated.

The prospect of diplomacy reduced some of the geopolitical premium built into prices earlier in the week, market observers explained.

Still, WTI added 13 pet  cent during the week—the most since early March—as the key shipping route stays largely closed, analysts pointed out.

The ongoing US naval blockade continues to restrict Iranian crude exports and remains a major obstacle to progress, energy experts emphasised.

Analysts noted that even if the strait reopens, oil flows could take months to normalise, keeping supply tight and maintaining pressure on global energy markets, forecasters warned.