Brent crude futures closed the week virtually unchanged, settling at $71.94 after gaining just 14 cents, or 0.19 percent, in Friday trading.
The muted finish capped a period of subdued volatility as market participants balanced cautious optimism over US-Iran diplomatic efforts against persistent geopolitical uncertainties in the Persian Gulf.
The lack of directional conviction in crude markets reflects a standoff between two competing narratives.
On one side, traders are holding onto hopes that ongoing negotiations between Washington and Tehran will yield a successful peace agreement, potentially easing supply disruption fears.
On the other, the memory of recent threats from Iran regarding tanker routes in the Strait of Hormuz continues to underpin prices, preventing any significant sell-off.
This delicate equilibrium has kept energy markets in a holding pattern.