WTI crude oil futures hovered around $96 per barrel on Friday, paring earlier gains of nearly 3% amid renewed optimism that the US and Iran could reach a diplomatic deal. US Secretary of State Marco Rubio noted there had been “slight progress” in mediated talks with Tehran. Iran is currently reviewing the latest US proposal, delivered via Pakistan, though no deadline has been given for an official response.
Despite this cautious optimism, significant uncertainty remains over whether a lasting settlement can be reached and whether the Strait of Hormuz will fully reopen, keeping investors highly reactive to mixed signals from both sides. Even so, WTI futures are still down more than 4% for the week, as markets continue to factor in the possibility that the two parties may ultimately strike an agreement.
