Oil eyes first weekly gain in three as US-Iran tensions mount

Oil prices held near six-month highs and were on track for their first weekly gain in three weeks as investors weighed a potential binary outcome in U.S.-Iran talks and Iran’s joint naval drills with Russia that could threaten the Strait of Hormuz. Brent crude was around $71.41 a barrel and U.S. WTI about $66.13, with weekly gains near 5%, while markets also priced in a 10–15 day Trump deadline over Iran’s nuclear programme. A drop in U.S. crude inventories reported by the EIA supported prices, though gains were capped by expectations for higher OPEC+ output and by persistent U.S. rate uncertainty.