Oil steadies as market awaits possible U.S.-Iran ceasefire deal
Oil futures remained steady as the market anticipates a potential ceasefire deal between the U.S. and Iran. Brent crude futures saw a slight decline, while U.S. oil futures held steady. The market is focused on the implications of this agreement, particularly regarding oil flow through the Strait of Hormuz.
- ▪Brent crude futures were down 34 cents at US$94.05 a barrel.
- ▪U.S. oil futures remained steady at US$88.89.
- ▪Brent has experienced a 9 percent decline this week, marking its steepest weekly loss since early April.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountOil futures steadied on Friday but were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension.Brent crude futures for July were down 34 cents, or 0.3 per cent, at US$94.05 a barrel by 4:10 a.m. ET. U.S. oil futures were steady at US$88.89. Both had fallen more than 1 per cent earlier in the session.Brent has plunged by about 9 per cent this week for its steepest weekly decline since the week to April 6.
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