WTI crude oil futures fell to $94.8 per barrel on Friday, erasing earlier gains and ending a four-session rally, as optimism over potential diplomatic progress between the US and Iran improved risk sentiment. Reports indicated that Iranian Foreign Minister Abbas Araghchi was expected to arrive in Islamabad, with sources suggesting a strong chance of a breakthrough in talks involving mediators such as Pakistan.
Despite the session’s pullback, oil remains poised for a weekly gain of about 14%. Traders continue to monitor signals from US policy, including President Donald Trump’s decision to maintain a naval blockade on Iranian ports, which has curtailed crude exports from the Persian Gulf since the conflict began and remains a major sticking point in negotiations.
In a further sign of ongoing tensions, a sanctioned tanker carrying Iranian crude was reportedly attempting to exit the Strait of Hormuz, underscoring persistent risks in the key shipping chokepoint, where flows have dropped sharply since the onset of the war.
