Oil prices climb as Iran ceasefire talks face skepticism
Brent crude rose to $112.57 as traders doubted Iran ceasefire prospects. Investors remain focused on supply risks as the U.S. considers sending more troops.
Oil prices climbed on Friday, concluding the week with notable gains as traders expressed skepticism regarding the likelihood of a ceasefire in the month-old conflict involving Iran. Brent Crude Oil futures rose by $4.56, or 4.2%, to settle at $112.57 per barrel. Simultaneously, U.S. West Texas Intermediate (WTI) futures increased by $5.16, or 5.5%, to reach $99.64.
Since the United States and Israel initiated strikes on February 27, the Brent benchmark has surged 53%, while WTI has seen a 45% increase. On a weekly basis, Brent edged up by 0.3%, with WTI gaining more than 1%. Market participants remain wary of diplomatic signals, particularly after an Iranian official indicated that a U.S. proposal delivered via Pakistan was viewed as one-sided and unfair.
