Brent Drops to US$107, Remains Headed for Weekly Gains
Brent oil prices weakened to around US$107 per barrel on Friday amid volatility, after US Treasury Secretary Scott Bessent hinted that Washington could soon lift sanctions on Iranian crude already on tankers. The move was seen as an attempt to ease price pressures following Iran's closure of the Strait of Hormuz.
Despite the daily decline, Brent remained on track to gain about 4% for the week as the Middle East conflict continues. The Strait of Hormuz remains largely closed, attacks in the region continue, and analysts assess the risk of the crisis worsening. Iran continues its attacks on Gulf states despite Israeli Prime Minister Benjamin Netanyahu's statement that Israel will avoid attacks on Iranian energy infrastructure.
On the diplomatic front, Netanyahu said Israel supports US efforts to reopen the shipping lane, while President Donald Trump has sought to allay concerns about the conflict's impact on oil and gas supplies. The market is now weighing whether signals of sanctions relief will quickly increase supply, or whether risk premiums will remain dominant as long as Hormuz remains unaffected.
Source: Newsmaker.id
