WTI crude oil futures were little changed at $95 per barrel on Friday as renewed clashes between the US and Iran raised doubts about the durability of a fragile ceasefire and tempered hopes for a quick peace agreement, though prices still posted a weekly loss of about 7%.

Fighting in the Persian Gulf kept markets focused on the Strait of Hormuz, which has remained largely closed since late February, disrupting global crude flows and creating a major supply shock.

Iran accused the US of violating the ceasefire, while Washington said American forces struck Iranian military targets after attacks on US warships and blocked tankers attempting to leave Iranian ports.

President Donald Trump said the ceasefire remained in effect despite the exchanges.

Traders continue balancing expectations for diplomacy against the risk of further escalation.
Source: Trading Economics