Crude oil markets showed little directional conviction on Friday, capping a week of subdued volatility as traders weighed the latest developments in US-Iran diplomatic efforts.
Brent crude remained virtually unchanged for the session, while West Texas Intermediate (WTI) posted a modest weekly decline of approximately 0.8%.
The lack of momentum in energy prices underscores a market pause, with investors digesting reports that Qatar and Pakistan are acting as mediators in the ongoing peace process.
The diplomatic channel has introduced a counterweight to geopolitical risk premiums that had previously supported higher oil valuations.
US equity markets were closed for the Independence Day holiday, limiting liquidity and trading volume in the session.
The holiday closure also meant that any late-day developments in the Middle East negotiations would not be immediately priced in by American investors, potentially setting up for a volatile open on Monday.