Oil prices post steep weekly plunge as traders price in U.S.-Iran peace prospects

· Oil & Gas

Crude prices fell sharply this week as hopes of a U.S.-Iran peace deal took hold, even as attacks continued in the Strait of Hormuz. ICE Brent slid about 15% week-on-week to $99 a barrel, while December WTI shed $11.37, or 11.10%, from its $102.39 weekly open, hitting a high of $102.75 before breaking to $86.65 and trading near $91.58 early Friday. The move marks one of the roughest weekly losses in months for both benchmarks. The selloff reflects traders pricing in the possibility that the conflict, which has disrupted flows through the Strait of Hormuz, could wind down despite continued hostilities. Oil markets had been elevated by the war and its threat to Gulf shipping.

Why it matters：The scale of the weekly drop shows how heavily oil prices now hinge on geopolitical headlines, leaving producers, refiners and traders exposed to abrupt swings as the Iran conflict's next moves remain unresolved.

Key points

  • ICE Brent fell about 15% week-on-week to $99 a barrel
  • December WTI dropped 11.10% from its $102.39 weekly open
  • The selloff came even as attacks continued in the Strait of Hormuz

Sources (original reporting)

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