FX.co ★ WTI Oil Slips, But Logs 3rd Weekly Gain

On Friday, WTI crude oil futures experienced a slight dip of 0.2%, closing at $73.80 per barrel. Despite this minor decline, the commodity achieved a third consecutive weekly gain. The decrease was attributed to a lessening of geopolitical tensions in the Middle East, following President Trump's decision to postpone potential US military action against Iran. This delay opens the door for possible diplomatic negotiations concerning Iran's nuclear program. However, the region's atmosphere remains unstable, with reports of Israeli Prime Minister Benjamin Netanyahu ordering increased strikes on significant strategic and government locations within Iran. In spite of these heightened tensions, Iran has persisted in its crude exports, shipping 2.2 million barrels per day this week, marking the highest level in five weeks. Additionally, oil prices received a boost from a sharper-than-anticipated decline in US crude inventories, with government reports earlier in the week revealing the largest weekly decrease in a year. This combination of geopolitical risk and decreasing supply has sustained a generally optimistic outlook in the oil market.