US Iran Peace Deal Oil Price Impact Lifts Crude Ahead of Weekend

OIL PRICE – (Web Desk) – Oil prices moved up a little on Friday, as traders held onto hope that the US Iran peace deal oil price impact could bring more calm to global energy markets. The mood was careful, not confident, ahead of the long US holiday weekend.

Brent crude rose to just above $72 a barrel. WTI crude climbed close to $69. Both prices are still near their lowest point since the conflict between Israel and Iran began earlier this year.

One market expert said traders want to believe the peace talks will hold. But most are still waiting for real proof before feeling fully at ease.

Some good signs are already showing up. Kuwait, for example, sharply increased its oil output in June after the interim deal between the US and Iran. Production jumped from just over half a million barrels a day to more than 1.6 million.

The Strait of Hormuz, a key route for oil and gas shipments, also reopened. This narrow waterway normally carries about one-fifth of the world’s daily oil and gas supply.

Saudi Arabia has also joined in. Several large oil tankers have already left the Strait, carrying millions of barrels toward buyers in Asia. Saudi Aramco even switched to faster, spot-based pricing to keep sales moving quickly.

For now, oil markets remain in a “wait and see” mood. Prices barely moved over the past week, showing just how closely traders are watching each new development.