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Oil prices declined on Friday but still finished the week higher, as ongoing tensions between the United States and Iran continued to stir concerns over global energy supplies. Crude settled near $71 per barrel, marking a weekly gain of about 4%.
Market sentiment was supported by reports that Washington and Tehran intend to continue technical and peace talks, despite renewed military exchanges and uncertainty surrounding a potential ceasefire. Even so, shipping through the Strait of Hormuz—an essential corridor for roughly 20% of the world’s oil and gas trade—remains heavily disrupted, preserving a risk premium in crude prices.
While markets generally expect the conflict to remain contained, reduced tanker traffic and the possibility of supply interruptions continue to underpin prices. At the same time, the International Energy Agency cautioned that prolonged tensions could delay the rebuilding of global oil inventories and derail the anticipated rebalancing of the oil market.
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