Oil pares gains to around 1%, Brent trades above $101

Oil drilling rigs

Oil prices trimmed gains on Friday after renewed clashes between the US and Iran threatened the ceasefire and dashed hopes for progress on reopening the Strait of Hormuz.

 

Brent crude futures for July rose about 1.15%, or $1.15, to $101.23 per barrel as of 07:55 am KSA time, after touching $102.92 (+2.85%).

 

US WTI crude futures for June gained 1%, or 95 cents, to $95.76 per barrel, after hitting $98.64 (+4%).

 

The gains come after three consecutive sessions of losses, following reports that Washington and Tehran were close to a peace deal that would end the fighting while deferring more complex issues related to Iran’s nuclear program.

 

Despite the rebound, benchmark contracts are still on track to post weekly losses of around 6%.

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Commodity Price

 
Brent Crude Oil
101.31
(1.73) (1.69%)
Nymex
95.72
0.77 0.78%

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