Oil Set For Steepest Weekly Decline in Two Years as Risk Subsides

Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures rose 54 cents, or 0.8%, to $68.26 a barrel by 0830 GMT while U.S. West Texas Intermediate crude gained 60 cents, or nearly 0.9%, to $65.83.

During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire...

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