Brent Crude Pulls Back as Diplomatic Hopes Tug at Oil Prices

Oil prices have pulled back from their one-week highs as traders weigh the risks and potential benefits of US-Iran diplomacy.

The Brent crude price fell to $105.11 a barrel on Friday, while West Texas Intermediate (WTI) dropped to $92.61 after hitting its highest point in a week the previous day.

Traders are caught between two storylines: talks that could ease tensions and keep key shipping lanes open, versus ongoing attacks in the region that maintain disruption risk.

The gap between global Brent and US WTI has widened to $12.50, its largest since May, with Brent up 1.7% for the week while WTI is down 7.2%.