Oil Prices Fall as Global Tensions Ease

Oil prices closed slightly higher on Friday, but recorded a weekly loss of nearly 3%, as geopolitical risks receded and concerns about a global supply glut increased.

Brent crude rose 23 cents, or 0.38%, to $61.29 a barrel at settlement, while U.S. West Texas Intermediate crude rose eight cents, or 0.14%, to $57.54.

Weekly losses were driven by the International Energy Agency’s forecast of an increase in the supply glut during 2026, along with a decline in political tensions after US President Donald Trump and Russian President Vladimir Putin agreed to hold a new summit to discuss the war in Ukraine, and the continuation of the truce in Gaza.

Phil Flynn, an analyst at Price Futures Group, said, “Markets are seeing a decline in the level of risk with signs of calm in the Middle East and Ukraine, which is putting pressure on prices.”