Oil prices Iran war uncertainty kept crude little changed Friday after sharp losses, as Hezbollah’s rejection of a Lebanon ceasefire weakened hopes for a near-term regional peace deal.
Brent crude futures fell 21 cents, or 0.22%, to $95.24 a barrel by 0003 GMT, after dropping 2.84% in the previous session. US West Texas Intermediate crude slipped 10 cents, or 0.11%, to $92.94 a barrel after a 3.1% loss on Thursday.
Both contracts were still on track for their first weekly gain in three weeks. WTI was up more than 6% for the week as Middle East fighting disrupted sentiment, and traffic through the Strait of Hormuz remained limited.
Hezbollah leader Naim Qassem rejected a US-brokered agreement between Israel and Lebanon to halt fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington.
US President Donald Trump said Thursday he believed progress was being made between Israel and Lebanon and that Lebanon deserved peace. IG market analyst Tony Sycamore said optimism remained clouded by competing headlines.
Read: Oil Prices Rise Over 2% After Israel Expands Lebanon Push
Opec Secretary General Haitham Al Ghais said the group was maintaining its oil demand growth forecast of 1.2 million barrels per day for this year despite the Middle East conflict and Strait of Hormuz restrictions.
Shipping data showed that Iranian oil exports had fallen to their lowest level in six years, mainly due to the US naval blockade. Weak demand in China also weighed on Iranian oil prices.