Brent crude futures climbed to $96.80 per barrel on the Intercontinental Exchange, marking the third straight week of gains for the benchmark.
The rally underscores persistent market anxiety over global supply constraints, which have so far proven resilient to diplomatic developments that might otherwise ease tightness.
The upward momentum comes even as traders digest reports that the United States is preparing to partially lift targeted sanctions on Iran’s oil exports.
While such a move would theoretically increase available supply, the market’s continued climb suggests investors remain skeptical about the speed or scale of any potential Iranian return to global markets.
Instead, the focus has shifted to broader geopolitical risks and structural supply deficits that continue to support higher prices.
Analysts note that the current price action reflects a "strategic trading" environment, where participants are positioning for further upside despite short-term volatility.