Oil little changed on uncertainty over U.S.-Iran peace deal
Oil was little changed on Friday as prospects dimmed for a near-term end to the U.S.-Israeli war with Iran after Hezbollah rejected a new ceasefire in Lebanon.
TL;DR
- Oil prices were little changed, following sharp declines in the previous session.
- Prospects for a near-term end to the U.S.-Israeli war with Iran have dimmed.
- Hezbollah militia rejected a new ceasefire in Lebanon.
- Both Brent crude and U.S. West Texas Intermediate crude are set for their first weekly gain in three weeks.
- Analysts are concerned about falling global oil inventories, which could cause a price spike.
- OPEC maintains its oil demand growth forecast despite the Middle East conflict.
- Iranian oil exports have fallen to a six-year low, primarily due to the U.S. naval blockade.