Oil Prices Stable as US-Iran Peace Deal Hopes Keep Investors Buoyed

Oil prices held steady for the week as hopes for a US-Iran peace deal kept investors optimistic.

The Brent futures price rose by 14 cents, or 0.19%, to $71.94 a barrel on Friday, ending the week just 5 cents lower than last Friday's close.

Thursday saw oil benchmarks touch their lowest levels since before the US-Israeli war with Iran began in late February, but investor hopes for a full reopening of the Strait of Hormuz were boosted by peace talks between the two countries.

Citi analysts wrote that 'the incentives to break' the deal are poor for both sides, and Commerzbank analysts said that investor hopes for a successful outcome from attempts to secure peace between the US and Iran remain high.