Oil prices steady as stalled U.S.-Iran talks complicate Hormuz transit
Oil prices stayed pretty stable this Friday, even after a sharp dip the day before. Brent crude is at $95.24 a barrel and US WTI sits at $92.94.
Both are actually set for their first weekly gains in three weeks (WTI is up more than 6%).
The big reason for all this back-and-forth? Ongoing conflicts in the Middle East and stalled U.S.-Iran peace talks, which are making it harder to move oil through the crucial Strait of Hormuz.
Hezbollah rejects U.S.-backed ceasefire in Lebanon
Hezbollah's recent rejection of a U.S.-backed ceasefire in Lebanon has added more uncertainty, especially with Iran's oil exports hitting a six-year low thanks to a US naval blockade.
On the flip side, weaker demand from China has kept prices from spiking even higher.
Analysts warn that if global oil inventories keep shrinking, we could see bigger price jumps soon, even though OPEC expects steady demand growth into 2026 despite all the turmoil.