FX.co ★ Oil Steadies as US-Iran Talks Continue

Crude oil steadied near $72 per barrel on Friday after falling about 2% in the previous session, as reports signaled that the US and Iran would continue peace talks despite a recent escalation in hostilities that disrupted energy shipments through the Strait of Hormuz. Even so, US benchmark WTI remained on course for a weekly gain of more than 4% after US forces launched strikes on targets in Iran over two consecutive days in response to recent attacks on vessels in Hormuz, prompting retaliatory strikes by Tehran on US bases across the region. President Donald Trump also cast doubt on the interim peace agreement in light of the renewed fighting, declaring that the deal was over. Shipping traffic through Hormuz slowed sharply this week, and markets are watching closely to see whether transit activity returns to normal. The strategic waterway remains a central flashpoint in ongoing US-Iran negotiations.