Brent crude futures settled around $72 per barrel on Friday, marking a stabilization point after a period of downward pressure.
The benchmark contract has slumped approximately 9% over the past seven days, but selling momentum appears to have cooled as prices hold firm above the critical $70 support level.
The consolidation reflects a market caught between conflicting geopolitical narratives.
While shipping risks in the Strait of Hormuz continue to underpin prices, uncertainty surrounding ongoing negotiations in Qatar between Washington and Tehran has prevented a sharp rebound.
Mixed signals from both capitals have left energy markets in a holding pattern, with traders cautious about committing to directional bets until diplomatic clarity emerges.
This week’s price action underscores the delicate balance in the oil market.