FX.co ★ Oil Holds Decline

On Friday, WTI crude oil futures stabilized around $59.2 per barrel following a decline of over 4% the day before, attributed to diminished concerns about potential US military action against Iran. Earlier, President Trump had eased his aggressive rhetoric, indicating he had received assurances there would be no further casualties or executions in Iran. Additional reports surfaced on Thursday suggesting that Israel and several Middle Eastern allies had requested the US delay any military strike, fearing retaliation from Iran against their nations. This led to a reduced anticipation of an imminent conflict that might disrupt Iranian oil production or critical maritime routes in the region. Despite this, oil prices appeared set for a moderate weekly increase, following gains from the previous week. Support for the oil market has been bolstered by civil unrest in Iran, political instability in Venezuela, and disruptions to Kazakh exports through the Black Sea.