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West Texas Intermediate (WTI) crude oil futures edged up by 0.4%, closing Friday's session at $59.44 per barrel. This concluded a tumultuous week with an overall gain exceeding 1%, as market participants balanced ongoing geopolitical tensions with diminishing fears of an immediate U.S. military strike on Iran. Earlier in the week, prices surged to multi-month highs due to protests in Iran and threats of potential military action, sparking concerns over possible disruptions to the nation’s approximately 3.3 million barrels-per-day oil production. On Thursday, oil prices trimmed their losses when reports indicated that Washington might postpone any military intervention, though the U.S. continues to bolster its military presence in the region. Focus remains on the Strait of Hormuz, a critical chokepoint where any obstruction could affect a quarter of the world’s seaborne oil supply, thus maintaining a short-term risk premium. The interplay between market sentiment and overall risk appetite contributed to oil recouping some of its midweek losses.
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