Brent settled below $94 on Friday, holding nearly 3% higher for the week as Iran-backed Hezbollah rejected a US-brokered ceasefire and Israel's operations in Lebanon remained a key obstacle to a deal, while WTI hovered near $91, up more than 4% on the week. Prices remain far below the spring peaks above $110: Brent suffered its worst month since the pandemic in May as the US and Iran moved toward a 60-day ceasefire memorandum that still awaits sign-off. Last week's rebound came as that deal stalled, even as an explosion briefly delayed loadings at Oman's Mina Al Fahal export terminal before operations resumed. The strait, which carried about 20% of global energy supply before the conflict, stays effectively closed.
Sources: Trading Economics, CNBC.
