Oil benchmarks remain on track for a near-20% monthly rise despite a 1% drop amid easing Middle East supply concerns.
Brent crude and West Texas Intermediate (WTI) are poised to close the month with gains near 20%, even after a 1% decline in Friday trading. Brent last traded at $87.67 per barrel, while WTI stood at $82.07, pressured by reports of increased tanker traffic through the Strait of Hormuz despite ongoing U.S.-Iran tensions.
The monthly advance follows a period of heightened geopolitical risks and supply disruptions, though recent pullbacks reflect market adjustments to easing concerns. Both benchmarks have rebounded sharply from earlier lows, supported by OPEC+ production cuts and resilient global demand.
Prices dipped slightly as traders weighed the impact of stable shipping routes against lingering regional instability, though the broader upward trend remains intact.