Khaberni - Oil prices rose slightly today, Friday, as market participants assessed concerns related to supply risks.
This comes amid a decline in the likelihood of a US strike on Iran.
Today's oil price
By 11:49 Abu Dhabi time, Brent crude prices rose by 5 cents or 0.1% to $63.81 per barrel, while the price of West Texas Intermediate (WTI) rose by 8 cents or 0.1% to $59.27 per barrel.
Both crudes reached their highest levels in several months this week amid protests in Iran and threats from US President Donald Trump to bomb it.
The price of Brent crude is still on track to post gains for the fourth consecutive week.
Political Turmoil
Analysts at BMI wrote in a note: "Given the potential political turmoil in Iran, it is likely that oil prices will experience greater volatility, as markets assess the likelihood of supply disruptions."
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However, Trump said on Thursday that Tehran's crackdown on protesters has lessened, reducing concerns about the possibility of military action that could disrupt oil supplies.
OPEC supplies
Analysts remain pessimistic about supply outlooks this year, despite earlier forecasts by the Organization of the Petroleum Exporting Countries (OPEC) for a balanced market.
OPEC said on Wednesday that oil supply and demand will remain balanced in 2026, with demand rising at a pace similar to this year's growth in 2027.
Looking ahead, traders expect that price movements in the near term will revolve around geopolitical and macroeconomic factors.
Kelvin Wong, chief market analyst at Oanda, said that the direct drivers for the oil market will likely be the situation in Iran and data to be released by China next week, adding that West Texas Intermediate is expected to trade within a range of $55.75 to $63 per barrel in the near term.
