Attacks on Kuwait and Oman push crude benchmarks up 2-3% for the week, undermining U.S.-Iran de-escalation expectations.
Oil markets shrugged off diplomatic optimism after fresh strikes on Kuwait and Oman this week, keeping ICE Brent near $95 per barrel. The attacks disrupted hopes for a U.S.-Iran de-escalation following the recent Israel-Lebanon ceasefire, with traders questioning the durability of peace efforts.
Global crude benchmarks are set to close the week 2-3% higher, reversing earlier bets on cooling tensions. Oman’s main port resumed operations Friday, but the damage to sentiment persisted, capping gains. Prior sessions had seen prices dip on ceasefire speculation before this week’s violence.
Traders remain on edge as geopolitical risks outweigh supply fundamentals, with no immediate resolution in sight for regional conflicts.