EMEA Oil Update: Crude Holds Steady as Markets Weigh US-Iran Peace Efforts

EMEA crude futures largely held firm in after-hours trading on Friday as markets priced in a de-escalation of hostilities between the US and Iran, shifting focus back to fundamental supply-demand balances. Brent crude futures rose by 0.32% to $72.02 per barrel, while Murban crude futures climbed by 1.5% to $66.18/bbl. Brent trades near unchanged on the week, having returned to pre-war levels, with support emerging ahead of $70, Saxo Bank strategists said, adding that this may signal that the ongoing recovery in supply flows through the Strait of Hormuz is now largely priced in. On Thursday, President Trump reportedly said that the US is still negotiating with Iran, while claiming that Tehran has agreed to almost all of Washington's demands. Following an exchange of strikes last weekend, the US and Iran concluded peace talks in Doha with an agreement aimed at easing the Middle East conflict, easing concerns over potential supply disruptions. Mediators from Qatar and Pakistan concluded separate meetings with US and Iranian negotiators in Doha, Qatar's foreign ministry spokesperson, Majed Al Ansari, said in a social media post on X on Thursday. ING strategists said that the.