Key facts
- Oil prices were steady on Friday, with Brent futures at $95.24 and WTI at $92.94.
- Gold futures fell 0.62% to Rs 1,56,308 per 10 grams.
- Silver futures dropped 1.46% to Rs 2,60,927 per kg.
- Hezbollah rejected a US-brokered ceasefire between Israel and Lebanon.
- Iran made a ceasefire in Lebanon a condition for any peace deal with Washington.
- OPEC maintained its oil demand growth forecast at 1.2 million barrels per day for the year.
Oil prices saw minimal change on Friday, with Brent crude futures down 0.22% to $95.24 a barrel and U.S. West Texas Intermediate (WTI) crude futures down 0.11% to $92.94 a barrel. Both benchmarks were poised for their first weekly gain in three weeks, with WTI up over 6%. The market is reacting to uncertainty surrounding a potential US-Iran peace deal, as Hezbollah rejected a U.S.-brokered ceasefire agreement between Israel and Lebanon, and Iran stipulated a ceasefire in Lebanon as a prerequisite for any peace deal with Washington. Despite the geopolitical tensions and limited traffic in the Strait of Hormuz, OPEC maintained its oil demand growth forecast of 1.2 million barrels per day for this year. Meanwhile, gold prices declined, with MCX gold July futures falling 0.62% to Rs 1,56,308 per 10 grams, and MCX silver July futures dropping 1.46% to Rs 2,60,927 per kg. Spot gold fell 0.6% to $447.22 an ounce as of 10:03 a.m. in Singapore. The dollar held firm as traders braced for potential geopolitical fallout from US-Iran tensions, with attention shifting to the upcoming US nonfarm payrolls report. European natural gas prices headed for a weekly gain as uncertainty over the prospects for a peace deal between the US and Iran dominated sentiment after fighting in the Middle East intensified.