OIL SET FOR STEEPEST WEEKLY DECLINE IN TWO YEARS AS RISK SUBSIDES – Analysts expected a weekly fall of about 12%.
In clear evidence of profiteering, oil prices rose today, though they were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.
Brent crude futures LCOc1 rose 54 cents, or 0.8%, to $68.26 a barrel, while U.S. West Texas Intermediate crude CLc1 gained 60 cents, or nearly 0.9%, to $65.83.
During the 12-day war that started after Israel targeted Iran’s nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire.
That put both contracts on course for a weekly fall of about 12%.
Iran is OPEC’s third-largest crude producer.
