Oil prices hold near six month highs as investors monitor tensions between the United States and Iran

Oil prices traded near six-month highs on Friday and were on track for their first weekly gain in three weeks as the United States US market priced in a delay to expected military action against Iran IR. This shift in the anticipated timeline has altered the risk premia for crude, as traders now expect that any potential escalation will not occur until at least next week. The delay has provided a brief window of stability, though prices remain supported by the underlying threat of supply disruptions in the Middle East.