Key facts
- Oil prices stabilized after Oman reported normal operations at its Mina al Fahal port.
- Brent crude for August delivery rose 0.4% to $95.36 a barrel.
- Optimism surrounding peace talks is supporting oil prices.
- Earlier reports of disruption at Oman's port were countered by official statements of normal operations.
Oil prices stabilized, marking a pause in the week's trend after experiencing an initial decline. Brent crude for August delivery added 0.4% to $95.36 a barrel at 11:49 a.m. in Singapore. The stabilization is attributed to growing optimism surrounding ongoing peace talks, suggesting that diplomatic efforts are beginning to influence market sentiment in the energy sector. This stabilization follows a report that Oman stated its Mina al Fahal port operations are proceeding normally, countering earlier reports of disruption. Traders are awaiting further indications regarding peace talks, closely monitoring developments that could impact global energy supply and demand dynamics. Oil prices stabilized after Oman reported normal operations at its Mina al Fahal port following an earlier Reuters report of disruption due to an explosion. Brent crude futures and U.S. West Texas Intermediate crude saw slight gains, nearing their first weekly increase in three weeks amidst Middle East conflict and stalled U.S.-Iran peace talks.