LONDON, May 22 Oil prices rose slightly on Friday as investors doubted the prospect of a breakthrough in U.S.-Iran peace talks, but remained on track for a weekly loss.
Brent crude futures were up $1.17, or around 1.1%, at $103.75 a barrel by 1334 GMT, while U.S
West Texas Intermediate futures were 52 cents, or 0.5%, higher at $96.87 – both had risen over 3% earlier in the session. On a weekly basis, Brent was more than 5% lower and WTI was down around 8%, with prices fluctuating sharply as expectations for a peace deal shifted. A diplomatic source in Islamabad told Iran’s state news agency IRNA that Pakistan’s army chief had left for Iran.
A senior Iranian source told Reuters earlier that gaps with the U.S. have narrowed, and U.S. Secretary of State Marco Rubio spoke of “some good signs” in talks. However, the countries are still divided on Tehran’s uranium stockpile and controls on the Strait of Hormuz.