Oil prices close higher, post weekly loss

Oil drilling rigs

Brent crude prices settled higher on Friday but posted a weekly loss, as investor confidence faded over the likelihood of a near-term agreement between the US and Iran, despite continued diplomatic efforts to end the war.

Crude oil gained after traders grew skeptical about the prospects of a breakthrough in negotiations, particularly amid ongoing disputes over Iran’s uranium stockpile and control mechanisms for the Strait of Hormuz.

US Secretary of State Marco Rubio said there were “positive signals” in the talks but stressed that the process remains long, noting progress without exaggeration and saying further work is still required.

Meanwhile, BMI Research, a unit of Fitch Solutions, raised its forecast for average Brent crude prices in 2026 to $90 per barrel from a previous estimate of $81.5, citing continued supply deficits and the long timeline needed to repair damaged infrastructure.