Crude oil prices were on track to record a weekly gain on Friday as renewed tensions between the United States and Iran earlier in the week continued to support prices despite growing confidence that both countries could eventually return to diplomatic negotiations.
At the time of writing, international benchmark Brent crude was trading at $76.23 per barrel, while US benchmark West Texas Intermediate (WTI) stood at $72.07 per barrel.
The gains, however, remained relatively modest compared with the sharp decline recorded over the previous four weeks, which erased most of the geopolitical premium built during the conflict and pushed oil prices back to pre-war levels and, in some cases, below them.
The subdued market reaction suggests traders remain focused on expectations of ample global crude supply, amid reports that major Persian Gulf exporters have accelerated shipments in a bid to move barrels to market before any further escalation disrupts trade
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