FX.co ★ Oil Steadies, Heads for Weekly Gain

WTI crude oil futures hovered near $93 per barrel on Friday after sliding 3.1% in the previous session, as investors monitored developments in US-Iran talks amid ongoing uncertainty over a potential ceasefire between Israel and Lebanon. President Donald Trump said negotiations with Tehran were progressing well, even as Iran-backed Hezbollah rejected a US-brokered ceasefire proposal.

Despite the latest pullback, oil prices are still up more than 6% for the week, after renewed clashes between US and Iranian forces dimmed hopes for an agreement that would restore crude flows through the Strait of Hormuz. Trump has since adopted a more upbeat stance, suggesting the strait could reopen quickly if Iran signs a memorandum of understanding to halt hostilities. However, tangible progress remains limited, with Israel’s continuing military operations in Lebanon posing a major obstacle.

Separately, loadings at Oman’s Mina Al Fahal export terminal were briefly disrupted following an explosion, though operations have since resumed.