Brent Settles Higher, Posts 8% Weekly Loss

Oil prices settled higher on Friday amid uncertainty over the prospects of a US-Iran understanding to end the conflict, although Brent crude posted a sharp weekly loss after Washington and Tehran agreed to halt hostilities.

 

Gains in crude prices were capped by reports that Israel and Hezbollah had reached a ceasefire agreement in Lebanon, following intense military clashes that prompted Iran to withdraw from talks with the US that had been scheduled for Friday.

 

Switzerland announced the cancellation of the US-Iran talks that were due to take place on Friday, a move later confirmed by Tehran. Iran, however, said arrangements were underway to begin negotiations envisaged under the memorandum of understanding.

 

CME Group said in a notice on its website that the official settlement date for all trades executed on Friday, a US public holiday marking Juneteenth, will be next Monday.

 

US WTI crude futures for July delivery ended Thursday's session down 19 cents, or 0.25%, at $76.60 a barrel, posting a weekly loss of 9.75%.