Drilling rigs
Oil prices fell at Friday’s settlement, posting weekly losses as market participants assessed hawkish signals from the Federal Reserve, alongside hopes that diplomatic efforts could succeed in fully reopening the Strait of Hormuz.
The latest round of the U.S.-Iran war entered its sixth month on Friday with no clear path toward a settlement, as U.S. President Donald Trump reiterated that he does not want to return to negotiations.
Meanwhile, talks between Iran and Oman continue over an agreement to regulate shipping through the strait and establish permanent shipping routes under the supervision of the two countries.
Oil markets also came under pressure from concerns over weaker U.S. demand for crude after Federal Reserve Chair Kevin Warsh signaled that interest rates could be raised if inflation fails to fall to the Fed’s 2% target.
Front-month futures for the two global benchmark crudes
Crude
Price ($/bbl)
Change ($)
Change %
Weekly Performance
Brent (October)
89.31
(0.39)
(0.43%)
(5.38%)
NYMEX (October)
83.40
(0.13)
(0.16%)
(4.20%)
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