US-Iran Truce Hopes Weigh on Oil Prices Amid Ongoing Supply Risks

The oil price ended the week lower due to growing hopes of a US-Iran truce, which outweighed ongoing concerns about tight international crude supplies.

WTI crude settled at $92.41 per barrel on Friday, down $2.20 or 2.33% from Thursday's settlement, marking its first weekly decline since late August.

Brent crude closed at $104.32 per barrel, down $2.28 or 2.14% from Thursday's settlement, but still finished the week slightly higher than last Friday's close.

The wide Brent-WTI premium, which illustrates the different conditions facing North American and international crude markets, widened to around $11.91 per barrel.