Oil prices remained near six-month highs on Friday, as investors closely monitored rising geopolitical risks involving the United States and Iran, while assessing supply disruptions and global economic conditions.
Brent crude futures settled at $70.69 per barrel, down 2 cents or 0.03%, while US West Texas Intermediate crude closed at $65.21 per barrel, down 21 cents or 0.32%, reflecting minor profit-taking.
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Analysts said the market is heavily focused on Iran, as uncertainty remains over potential US actions and Tehran’s response, with oil traders weighing geopolitical risks against production increases in other regions.
Earlier in the week, oil prices surged to their highest since early August after reports suggested US President Donald Trump was considering targeted actions against Iran, raising fears of disruptions in global oil supply.
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Meanwhile, both the US and Iran indicated a willingness to engage in talks, though Tehran insisted its defense capabilities should remain excluded, calming some investor concerns and briefly limiting further price gains.
Additional factors affecting prices included a stronger US dollar, rising US crude output following shutdowns, and Kazakhstan nearing resumption of Tengiz oilfield production, prompting traders to lock in profits after a bullish week.