Oil prices decline as Trump pauses Iran energy strikes

Crude oil benchmarks are on track for a weekly decline as the United States President Donald Trump announced a 10-day extension to the pause on military strikes against energy infrastructure in Iran. Despite this temporary reprieve, market participants remain cautious as a definitive resolution to the regional conflict remains elusive.

In Friday trading sessions in Singapore, price movements remained relatively flat following a bullish performance in the previous session. Brent Crude Oil futures edged down 4 cents to $107.97 per barrel, while West Texas Intermediate (WTI) futures slipped 40 cents to $94.08 per barrel. On a weekly basis, WTI has retreated 4.6%, while Brent has declined by 4%.