WTI crude oil futures experienced volatility, hovering around $59 per barrel on Friday. Prices initially declined due to eased concerns about immediate conflict with Iran, but the market remains sensitive to ongoing geopolitical risks in the region. After three consecutive weeks of gains, crude is expected to close the week with minimal change.
- WTI crude oil futures fluctuated around $59 per barrel.
- Prices dropped over 4% on Thursday following signals that the US would not strike Iran immediately.
- President Trump indicated that Iran’s crackdown on protests was easing.
- Israel and other Middle Eastern allies reportedly requested the US delay military action.
- Analysts believe that while tensions have eased, the risk of conflict remains, keeping the market on edge.
- Crude oil is set to finish the week with little change.
The fluctuations in oil prices reflect market sensitivity to geopolitical developments, particularly in the Middle East. Easing of tensions and reduced risk of immediate military action can lead to price decreases, but the underlying potential for conflict continues to exert upward pressure, causing market uncertainty and volatile trading conditions. This creates a situation where the price of oil is balanced between these competing factors.