Oil prices rose on Friday as the prospect of a lasting truce between the U.S. and Iran was clouded after peace talks in Switzerland were called off and as Israel stepped up
Oil prices rose on Friday as the prospect of a lasting truce between the U.S. and Iran was clouded after peace talks in Switzerland were called off and as Israel stepped up attacks on Lebanon.
By 0645 GMT, Brent crude futures LCOc1 gained 51 cents, or 0.64%, to $80.36 a barrel, and U.S. West Texas Intermediate crude CLc1 rose $1.28, or 1.7%, to $77.88 a barrel, with the front-month July contract expiring on Monday. Both contracts were headed for a weekly loss of about 8%.
The more actively traded WTI August contract CLc2 was up 59 cents at $76.44 a barrel.
Switzerland said U.S. talks with Iranian negotiators on a pact to end the Middle East conflict would not take place on Friday, as Vice President JD Vance dropped his travel plans, adding to uncertainty over the prospects for a lasting truce.
"Prices may have bottomed out and we may see a renewed climb accompanied by plenty of volatility as cracks have already emerged in the memorandum of understanding," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
"This is not the geopolitical backdrop that would give the market any confidence in resuming Hormuz transit."
On Thursday, both
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