Oil settles lower, posts sharp weekly, monthly losses
Oil drilling rigs
Oil prices declined on Friday, recording steep weekly and monthly losses amid growing investor optimism that the conflict in the Middle East may be nearing an end and that the Strait of Hormuz could soon reopen.
Earlier in the day, US President Donald Trump wrote on Truth Social that Iran should agree not to possess nuclear weapons. He added that ships stranded in the Strait of Hormuz could “move now”, noting that Iran’s enriched uranium stockpile would be destroyed.
Brent crude prices fell approximately 12% this week, marking their steepest weekly decline since the week ended April 6. Brent also posted a 16% loss in May.
Meanwhile, West Texas Intermediate (WTI) crude declined 9.5% this week, its worst weekly performance since April 13, and ended the month down 14.5%.
|
Benchmark Crude Futures |
|||
|
Crude Grade |
Price ($/Barrel) |
Change ($) |
Change (%) |
|
Brent (July Delivery) |
$92.05 |
)$1.66( |
)1.80%( |
|
WTI (July Delivery) |
$87.36 |
)$1.54( |
)1.70%( |
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