Brent Crude Set for Biggest Weekly Drop since Covid
Brent crude fell more than 1% to below $97 a barrel on Friday, extending weekly losses to nearly 15%, the steepest decline since March 2020, as hopes of a diplomatic breakthrough in the Middle East eased concerns over supply disruptions. US President Donald Trump discussed de-escalation efforts with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani, while Tehran is reportedly reviewing proposals from mediators concerning its nuclear programme. A potential resolution to the conflict could allow more crude exports from the region. However, significant obstacles remain, as Iran is demanding the lifting of the US naval blockade, sanctions relief and the release of frozen assets before fully reopening the Strait of Hormuz. Meanwhile, attacks on oil-carrying vessels continue, with UKMTO data indicating that incidents remain close to record levels.
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Brent crude fell more than 1% to below $97 a barrel on Friday, extending weekly losses to nearly 15%, the steepest decline since March 2020, as hopes of a diplomatic breakthrough in the Middle East eased concerns over supply disruptions. US President Donald Trump discussed de-escalation efforts with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani, while Tehran is reportedly reviewing proposals from mediators concerning its nuclear programme. A potential resolution to the conflict could allow more crude exports from the region.
However, significant obstacles remain, as Iran is demanding the lifting of the US naval blockade, sanctions relief and the release of frozen assets before fully reopening the Strait of Hormuz. Meanwhile, attacks on oil-carrying vessels continue, with UKMTO data indicating that incidents remain close to record levels.