Oil snaps weekly streak, settles 1% lower on ceasefire talks in Middle East; WTI up 2%, Brent at $86
Crude oil prices settled lower on Friday as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. Brent crude futures settled down 89 cents, or 1.02% lower, to $86.54 a barrel, after reaching their highest since April earlier in the session. U.S. West Texas Intermediate (WTI) crude futures settled at $83.16 a barrel, down 72 cents, or 0.9%. For the week, Brent rose 0.4%, while WTI futures posted a 2.1% rise. The head of Israel’s Mossad…
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