Geopolitical risks in Eastern Europe offset Middle East diplomacy, keeping crude prices elevated despite weekly losses.
West Texas Intermediate crude trades at $82.70 per barrel in Asian hours, paring earlier gains but remaining above $82.50. Escalating tensions between Russia and Ukraine, including stalled negotiations and Ukrainian strikes on Russian refineries, threaten energy infrastructure and export capacity.
Oil prices rose earlier this week on supply concerns but face downward pressure from easing Middle East tensions. A revenue-sharing deal between Iran and Oman has improved prospects for Strait of Hormuz traffic, though Tehran cautioned against expecting an immediate full reopening.
Analysts suggest the recent price firming could signal a broader rebound, contingent on shipping stability through critical chokepoints.