Brent cruse closes higher, posts weekly rise of over 16%

Brent crude heads for a 17% weekly rise

Oil prices settled mixed after a volatile Friday session, as traders weighed supply disruption risks against the prospect of renewed US-Iran peace talks. Despite the swings, crude posted sharp weekly gains.

Brent crude futures for June delivery rose 0.25%, or 26 cents, to $105.33 per barrel, marking a weekly gain of 16.54%.

In contrast, US WTI crude futures for June fell 1.51%, or $1.45, to $94.40 per barrel, trimming weekly gains to 12.58%.

Oil prices had jumped about 2% earlier in the session on fears of military escalation after Iran released footage showing commandos boarding a cargo vessel in the Strait of Hormuz.

Prices later reversed course following reports that Iranian Foreign Minister Abbas Araghchi had arrived in Islamabad to resume peace talks. The decline deepened after US President Donald Trump announced the dispatch of special envoys to join the negotiations.