13 July 2026, 00:00 AM
13 July 2026, 00:35 AM
File Photo/Reuters
Oil prices settled lower on Friday after the latest round of US-Iran fighting as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz, but prices finished with sharp weekly gains.Brent futures settled at $76.01 a barrel, down 29 cents, or 0.38 percent. US West Texas Intermediate crude finished at $71.41 a barrel down 67 cents or 0.93 percent.For the week, Brent gained about 5.50 percent and WTI nearly 4 percent.“This market is ready, willing and able to jump on good news or at least no bad news,” said John Kilduff, partner with Again Capital. “And it looks like the escalation won’t get any worse.”With the end of tit-for-tat air strikes and the promise of renewed talks between the US and Iran next week, traders looked forward to the Strait of Hormuz reopening.
Brent futures settled at $76.01 a barrel, down 29 cents, or 0.38 percent
