Brent crude futures climbed above $72 a barrel in early Friday trading, supported by a mix of seasonal demand and shifting geopolitical sentiment.
The benchmark contract gained 17 cents to $72.10, marking a modest advance as markets navigated the final hours of the week.
The price action reflects a tug-of-war between two competing forces.
On one side, buyers are positioning ahead of the extended US Independence Day weekend, which typically tightens short-term supply as refineries and logistics networks slow down.
On the other, emerging optimism surrounding US-Iran peace negotiations has dampened the risk premium that had previously propped up prices.
This dynamic marks a shift from the acute supply fears seen earlier in the year.