Oil Eases From Highs as US–Iran Tensions Cool, Ending Seven-Week Rally

Crude benchmarks retreated from recent highs on Friday, positioning oil for its first weekly loss of the year as fears of a direct military clash between the United States and Iran eased. International benchmark Oil – Brent Crude traded around $68.09 per barrel, while U.S. benchmark Oil – US Crude (WTI) hovered near $63.95, both slightly above Thursday’s close but below Monday’s levels. The pullback follows a seven-week rally fueled largely by geopolitical risk premia and U.S. foreign policy tensions, with the latest de-escalation prompting some unwinding of that risk pricing.

Despite the current weekly setback, both contracts remain sharply higher over the past month, with Oil – US Crude up about 13.1% and Oil – Brent Crude gaining roughly 13.1%, reflecting persistent supply concerns and robust risk appetite earlier in the period. From a short-term technical perspective, both benchmarks continue to flash bullish momentum: Oil – US Crude carries a 1-day signal of Strong Buy, and Oil – Brent Crude also shows a 1-day Strong Buy, suggesting that, for now, the recent correction is being interpreted as a consolidation within an ongoing uptrend rather than a decisive reversal. Investors can explore more updates, prices, and analysis across global markets at Commodities.