Oil prices rise, head for first weekly loss in 2026

Oil drilling rigs

Oil prices settled higher on Friday, backed by a weaker dollar, but posted their first weekly decline since the start of the year amid relatively subdued tensions between the United States and Iran.

 

Brent crude futures for April delivery rose 0.74%, or 50 cents, to $68.05 a barrel, but fell 3.73% over the week.

 

US WTI crude futures for March delivery climbed 0.41%, or 26 cents, to $63.55 a barrel, narrowing weekly losses to 2.54%.

 

Friday’s gains were underpinned by the dollar’s decline and investor focus on U.S.-Iran talks over the nuclear file, which helped ease the geopolitical risk premium after recent concerns about a breakdown in diplomatic efforts between the two countries.

 

Separately, data from Baker Hughes showed the number of US oil rigs rose by one this week, although the total rig count remains down by five over the past 12 weeks.

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Commodity Price

 
Brent Crude Oil
108.64
7.87 7.82%
Nymex
111.49
11.42 11.54%

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