Oil was steady at the tail-end of a momentous week, with focus shifting from the conflict in the Middle East to US tariff negotiations and the potential easing of Washington's sanctions on Iran.
West Texas Intermediate traded near $65 a barrel after gaining 0.5% in the previous session, while Brent settled near $68 on Thursday. The US and China finalized a trade understanding reached last month in Geneva, US Commerce Secretary Howard Lutnick said in an interview with Bloomberg Television. Meanwhile, the Trump administration discussed incentives to restart Iran talks including possibly easing sanctions, according to CNN.
Oil is set to notch a substantial weekly loss after one of its most tumultuous periods since Russia's invasion of Ukraine in 2022, as the crisis in the Middle East threatened supplies from a region that pumps about a third of the world's crude. Prices initially spiked following Israel's surprise attacks on Iran on June 12, before plunging as Tehran's responses spared energy infrastructure and after President Donald Trump declared a ceasefire on Tuesday.
Key upcoming events include an OPEC+ meeting on July 6 that will decide on production policy for August and the July 9 deadline for the US to decide whether to impose the “Liberation Day” tariffs on its major trading partners.
Prices
WTI for August delivery added 0.3% to $65.40 a barrel at 7:17 a.m. in Singapore.
Brent for August settlement closed at $67.73 a barrel on Thursday, little changed from earlier session.
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