Global oil prices moved higher again after hopes for a major breakthrough in ongoing negotiations between the United States and Iran faded, increasing concerns among investors about stability in the Middle East and global energy supplies.
Brent crude oil futures rose by 1.66 dollars, or 1.6 percent, reaching 104.24 dollars per barrel. Meanwhile, US West Texas Intermediate crude gained 1.11 dollars, or 1.2 percent, to settle at 97.46 dollars per barrel.
Despite the latest increase, oil prices recorded an overall weekly decline. Brent crude fell by 4.6 percent during the week, while West Texas Intermediate posted a weekly drop of 7.6 percent.
Market analysts said oil prices remained highly volatile due to changing expectations regarding a possible ceasefire and potential diplomatic progress between Washington and Tehran.
Investors are also closely monitoring tensions in the Middle East, particularly concerns surrounding the Strait of Hormuz, which is considered one of the world’s most critical routes for global oil transportation.
Experts believe that uncertainty over regional security and energy supply disruptions continues to influence global commodity markets and investor sentiment.
Analysts warned that if negotiations between the United States and Iran fail to achieve meaningful progress, international oil markets could witness further price fluctuations in the coming weeks.
