Oil prices eased marginally on Friday after a volatile week, as markets weighed hopes of a possible US-Iran truce against renewed risks to Saudi Arabia’s oil infrastructure. WTI crude fell 1.09 points, or 1.15%, to $93.52 a barrel, while Brent crude declined 0.78 points, or 0.73%, to $105.80 a barrel, around 7:30 am IST.The declines followed a sharp rebound in the previous session. Both contracts had gained as much as 5% on Thursday, with Brent settling 3.4% higher and WTI up 2.7%. Brent’s close was its highest since September 15, while the gain ended a six-session losing streak for WTI, during which it had fallen 13%.For the week, WTI was down 6.42%, while Brent was up 2.09%.Meanwhile, both the US and Iran are trying to work a potential route towards ending the Middle East conflict. Negotiators are discussing a phased path that would see Tehran reopen the Strait of Hormuz and Washington lift its economic blockade of Iran, according to sources close to the talks.The Strait of Hormuz has remained central to concerns around energy supplies since the war began at the end of February. Around a fifth of the world’s oil and gas shipments have been curtailed since then, pushing prices 50% higher in March alone. The disruption has also led liquefied natural gas buyers to search further afield for new and stable supplies of the super-chilled fuel.Iranian President Masoud Pezeshkian said on Thursday that the decision on ending the war rested with Washington.“It’s America that must choose whether it wants to end this or not,” Pezeshkian said, responding to a question in an interview aired on Thursday on Fox News.At the same time, fresh military activity around Saudi Arabia has kept supply concerns in focus. Saudi Arabia said it intercepted six ballistic missiles fired by Yemen’s Iran-backed Houthis, preventing attacks on the southern province of Taif and the Yanbu area on the Red Sea.Saudi Arabia has been increasing crude pumping volumes through its East-West Pipeline to Yanbu, its Red Sea export hub. However, crude tanker loadings have not yet resumed, according to industry sources, satellite imagery and shipping data.The conflict is now nearing its seven-month mark, disrupting global oil trade and raising concerns over energy supplies.
