Crude oil prices slipped on Friday amid positive developments from West Asia and growing expectations of a ceasefire and peace deal between the United States and Iran to end the 90-day-long conflict.
Brent crude edged lower on hopes of a possible agreement to extend the US-Iran ceasefire. However, comments from US Vice President JD Vance stating that both nations were “close” to a deal but “not there yet” prevented a sharper decline in prices.
Commodity markets traded mixed as investors maintained a cautious approach while closely monitoring ongoing geopolitical developments, currency movements, and changes in global demand and supply.
Brent crude futures for July, set to expire on Friday, fell 35 cents or 0.37 per cent to $93.36 per barrel, while US WTI crude futures declined 63 cents or 0.71 per cent to $88.27 per barrel.
Brent futures for August receded by 46 cents, or 0.50 per cent, to $92.24 per barrel.
In contrast, gold and silver prices gained some momentum amid fresh escalations between Iran and the United States reported on Wednesday and Thursday, as investors turned towards safe-haven assets.
Spot gold rose 0.4 per cent to $4,512.79 per ounce as of 0113 GMT and was marginally higher for the week. US gold futures also gained 0.2 per cent to $4,543.10 per ounce.
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