Oil prices rise amid uncertainty over US-Iran talks
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SINGAPORE – The global oil prices rose on Friday but the market remained on course for a weekly decline as uncertainty surrounding negotiations between the United States and Iran continued to weigh on investor confidence. Brent crude futures climbed by $1.66, or 1.6 percent, to reach $104.24 per barrel during early trading, while US West Texas Intermediate (WTI) crude gained $1.11, or 1.2 percent, to trade at $97.46 per barrel. Despite the increase, both oil benchmarks were set to record weekly losses amid fluctuating market sentiment linked to developments in the US-Iran talks. Brent crude was down 4.6 percent for the week, while WTI had fallen 7.6 percent. Reports indicating some progress in diplomatic discussions between Washington and Tehran briefly supported the market. A senior Iranian official stated that differences between the two countries had narrowed, while US Secretary of State Marco Rubio referred to “positive signs” in the negotiations. However, key disagreements remain over Iran’s uranium stockpile and control of the Strait of Hormuz. Analysts believe oil prices are likely to stay elevated due to persistent supply concerns and geopolitical tensions in the Middle East. David Oxley, chief commodities economist at Capital Economics, said global oil fundamentals are unlikely to improve significantly before 2027. The ongoing conflict has disrupted energy markets despite a fragile ceasefire that has remained in place for nearly six weeks. Rising fuel prices have also increased concerns about inflation and pressure on the global economy. Satoru Yoshida, a commodity analyst at Rakuten Securities, said WTI crude is expected to remain within the range of $90 to $110 per barrel next week, continuing the pattern seen since late March. Meanwhile, BMI, a research unit of Fitch Solutions, raised its average Brent crude forecast for 2026 to $90 per barrel from $81.50, citing supply shortages, damage to Middle East energy infrastructure and the extended time required