Global oil markets experienced a volatile week marked by sharp declines, influenced by geopolitical developments in the Middle East.
Brent crude fell from $93.09 per barrel to $87.33, a loss of $5.76 or 6.19%, while US crude dropped from $90.54 to $84.88, shedding $5.66 or 6.90%.
The decline coincided with a relative improvement in sentiment following positive remarks by US President Donald Trump about the possibility of reaching a deal to end the war with Iran, alongside the cancellation of planned military strikes. This bolstered hopes of a diplomatic breakthrough that was reflected in market movements, reinforcing signals of a significant development and tangible progress in the negotiations track.