New York, (EFE).— West Texas Intermediate (WTI) crude oil rose 0.26% on Friday to $96.60 per barrel, as traders kept a close eye on U.S.-Iran talks aimed at ending the war.
At the close of trading, WTI futures contracts for July — the U.S. benchmark — gained $0.25 from the previous session. For the week, however, crude prices fell 8.5%.
U.S. Secretary of State Marco Rubio said Friday there had been a “slight advance” in talks with Iran, but warned that Tehran cannot impose a toll system on the Strait of Hormuz.
President Donald Trump, for his part, said Iran “is dying to make a deal” with Washington to end the conflict. “Iran is dying to make a deal. We’ll see what happens, but we hit them hard and had no other choice, because Iran cannot have a nuclear weapon,” Trump declared during the swearing-in ceremony of new Federal Reserve Chair Kevin Warsh at the White House.
According to ING analysts, markets are looking for “signs of progress” toward a potential agreement between the two sides. “While there are hints of optimism, uncertainty prevails. This is not the first time a deal has seemed close only to fall apart, so a large segment of the market will remain skeptical of any positive signals,” they noted.
Against this backdrop, traders are closely monitoring the situation at the Strait of Hormuz, which has fueled volatility across equity markets and hydrocarbon prices.
International Energy Agency (IEA) Executive Director Fatih Birol warned Monday that the buffer provided by commercial oil reserves built up before the Middle East war and the strait’s closure would run out within weeks. The IEA noted in its latest report that the closure has shut more than one billion barrels of Gulf country oil out of the market, with over 14 million barrels per day currently unable to reach global markets.
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