<\/p>\n
Oil steadied after its first decline this week, as optimism over US-Iran peace talks weighed against uncertainty surrounding a ceasefire deal between Israel and Lebanon.<\/p>\n
Brent traded around $95 a barrel after falling 2.8% on Thursday, while West Texas Intermediate was near $93. President Donald Trump said that talks with Iran were going well, despite Tehran-backed Hezbollah rejecting a US-brokered ceasefire deal between Israel and Lebanon.<\/p>\n
WTI has gained more than 6% this week after uncertainty over the progress of the negotiations eroded some of the earlier optimism for a deal that would lead to a resumption of oil flows through the strait \u2014 which carries about a fifth of the world\u2019s crude and liquefied natural gas in peacetime. Futures are still down about a fifth since early April \u2014 when the US and Tehran agreed to a ceasefire that ended more than five weeks of fighting.<\/p>\n
\u201cThe move in WTI from pre-ceasefire highs of $110+ to current levels in the low-$90s was the proverbial low-hanging fruit \u2014 signaling the oil market\u2019s relief that all-out war is over, and the region\u2019s oil industry infrastructure has been mostly unscathed,\u201d said Pavel Molchanov, an analyst at Raymond James. \u201cFurther price declines will hinge on meaningful recovery in Hormuz shipping volumes.\u201d<\/p>\n
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There was no sign of progress in talks between Tehran and Washington, with Israel\u2019s continued military strikes in Lebanon becoming a major sticking point. Asked by reporters Thursday in the Oval Office about Hezbollah\u2019s rejection of the Lebanon ceasefire, Trump said \u201cthey didn\u2019t reject me\u201d and claimed \u201cthey called us\u201d to discuss a cessation of hostilities.<\/p>\n
In the Middle East, Oman\u2019s main crude oil export terminal at Mina Al Fahal has delayed loadings after an explosion disrupted port operations, according to traders familiar with the matter. The facility sits outside of the Strait of Hormuz and is one of the few remaining points Middle Eastern crude oil can still be loaded amid the war.<\/p>\n
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\u201cThe mixed messaging on peace talks is not really bearish for oil yet. It probably just stops prices from running too far on the upside for now,\u201d said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. \u201cTraders can take out a bit of the war premium when headlines sound constructive, but until there is real progress on the ground, it is hard to say the risk premium is gone.\u201d<\/p>\n
On Thursday, Trump said in a social media post that he\u2019s \u201cright in the middle of my final negotiations to end the War with the Islamic Republic of Iran.\u201d He didn\u2019t elaborate on the talks, using the post to blast a vote by the Republican-led House of Representatives to halt the war.<\/p>\n
Prices:<\/p>\n
Brent for August delivery added 0.4% to $95.36\u00a0a barrel at 11:49 a.m. in Singapore.
\nWTI for July rose 0.1% to $93.09\u00a0a barrel.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Oil #steadies #drop #week #peace #talk #optimism<\/p>\n","protected":false},"excerpt":{"rendered":"
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