Oil Prices Rise Driven by Hopes for US-Iran Peace

Oil prices witnessed a slight increase, driven by cautious optimism surrounding efforts to foster peace between the United States and Iran. Brent crude futures rose by about 45 cents, reaching $72.25 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed 35 cents to $69.07 per barrel. This rise comes after both benchmark crudes recorded their lowest levels in the previous session since the period preceding the US-Israeli conflict with Iran in late February. On a weekly basis, Brent crude saw a slight decrease of 0.02%, whereas WTI crude registered an increase of 0.12%.