Oil prices were heading for steep weekly losses on Friday as hopes for a diplomatic resolution to the US-Iran conflict eased concerns over supply disruptions, despite fresh attacks targeting tankers in the Middle East
International benchmark Brent crude futures for January delivery traded at $97.88 per barrel at 3.42 p.m. local time (1242 GMT), down 16.8% from last Friday's close of $117.64.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery traded at $90.42 per barrel, down around 13.2% from $104.12 a week earlier.
Oil prices began the week on a negative note, falling around 3% on Monday as reports suggested that US President Donald Trump was prioritizing diplomatic efforts to end the conflict with Iran.
Speaking to reporters over the weekend, Trump said negotiations with Iran were progressing well and that he was in "no great hurry" to resume military strikes.
The decision by seven OPEC+ members at an online meeting on Nov. 1 to refrain from implementing an additional production increase in December helped limit downward pressure on prices.
Prices rebounded on Tuesday, supported by bargain hunting following recent declines and reports of US military strikes on Iran's Qeshm Island, which heightened concerns over potential supply disruptions.
Market sentiment remained volatile on Wednesday as concerns over possible further US military action against Iran competed with expectations of a diplomatic breakthrough.
Prices came under renewed pressure on Thursday, extending a sharp decline that had taken them close to $95 per barrel after falling more than 8% on Wednesday.
Hopes that diplomatic efforts led by Qatar and Pakistan, alongside developments surrounding the US midterm elections, could improve prospects for ending the conflict weighed on prices.
Oil prices recovered on Friday as fresh attacks targeting tankers in the Middle East revived concerns over potential disruptions to global crude supplies.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
