-- Crude oil benchmarks secured double-digits weekly gains despite prices easing on Friday as the markets assessed intensifying geopolitical risks against renewed diplomatic hope.
Brent crude futures eased 0.2% to $104.81 per barrel, while West Texas Intermediate oil futures dipped about 1% to $94.95/bbl.
In a social media post Thursday, President Donald Trump confirmed a three-week extension of the Israel-Lebanon ceasefire.
He said that the US will now collaborate directly with the Lebanese government to bolster defenses against Hezbollah.
Adding to the diplomatic momentum, a Pakistani government source reportedly revealed that Iranian Foreign Minister Abbas Araghchi will arrive in Islamabad Friday night, according to a Reuters report.
A small Iranian team plans to engage in a second round of peace talks with US representatives already on the ground, as per the report.
However, escalating hostilities in the Strait of Hormuz continue to underpin global prices.
Both crude benchmarks were headed for a weekly gains with Brent headed for a more than 15% weekly gain while West Texas Intermediate crude contract added more than 13% so far on a weekly basis.
"The US-Iran ceasefire and the Israel-Lebanon truce were both extended, but disruptions have sharply reduced Middle East oil and gas shipments, tightening global supply," Saxo Bank analysts said.