Oil settles higher, posts weekly loss of over 6%

Oil drilling rigs

Oil prices closed higher on Friday as caution intensified following limited exchanges of fire between the US and Iran. However, crude recorded weekly losses amid hopes that both countries could reach an agreement to end the war.

Brent crude futures for July delivery rose 1.23%, or $1.23, to settle at $101.29 per barrel, though they declined 6.36% for the week.

US WTI crude futures for June delivery gained 0.64%, or 61 cents, to close at $95.42 per barrel, narrowing weekly losses to 6.39%.

The increase in oil prices came amid signs supporting continued diplomatic engagement between Washington and Tehran, as the US Secretary of State confirmed that the US is awaiting Iran’s response today to the latest negotiation proposal.

Meanwhile, Iran said the proposal remains under review, despite limited exchanges of fire between the two sides in the Strait of Hormuz earlier in the day and the subsequent targeting by US forces of two empty Iranian oil tankers attempting to break the naval blockade.