SINGAPORE: Oil prices headed for their steepest weekly decline since March 2023 on Friday, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.
Brent crude futures rose 35 cents, or 0.52 percent, to $68.08 a barrel by 7:29 a.m. Saudi time while US West Texas Intermediate crude gained 40 cents, or 0.61 percent, to $65.64.
That put both contracts on course for a weekly fall of about 12 percent.
The benchmarks are now back at the levels they were at before Isreal began the conflict by firing missiles at Iranian military and nuclear targets on June 13.
This week began with prices hitting a five-month high after the US attacked Iranian nuclear sites at the weekend, before slumping to their lowest in over a week on Tuesday when US President Donald Trump announced an Iran-Israel ceasefire.
