Oil Ends Week Lower Amid Market Fluctuations

Oil prices experienced a significant decline on Friday, concluding the week's trading sessions lower, driven by increasing trader confidence in the receding likelihood of a new military confrontation between the United States and Iran. Futures contracts for U.S. crude "West Texas Intermediate" for July delivery closed at $90.54 per barrel, marking a decrease of 2.69% from the previous closing price. Meanwhile, global benchmark "Brent" crude futures for August delivery ended trading at $93.09 per barrel, down 2.04% compared to the previous settlement price. This downturn follows an earlier rise for both benchmark crudes this week, which occurred after the outbreak of fighting in the Middle East and ongoing peace talks between Washington and Tehran, while traffic through the Strait of Hormuz, a vital passage for a fifth of global oil, remained restricted.