Khaberni - Oil prices saw fluctuations on Friday, but recorded a weekly increase, with traders assessing the impact of supply disruptions and the possibility of resuming talks between the United States and Iran, which could mitigate those disruptions.
The Brent crude futures at settlement were $105.33 a barrel, up by 26 cents or 0.3%.
However, the futures for West Texas Intermediate crude in the US fell by $1.45 or 1.5%, registering at $94.40 a barrel at settlement.
Over the week, Brent crude increased by about 16% and West Texas Intermediate by 13%.
Prices relinquished earlier gains after Reuters reported that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad late on Friday; to discuss proposals to resume talks to halt the war after failing to hold a second round of negotiations this week.
Pakistan later announced the arrival of Araghchi and the Iranian delegation.
Prices fell further after CNN reported that US President Donald Trump would send his special envoy Steve Witkoff and the president's son-in-law Jared Kushner to Pakistan for talks with the Iranian Foreign Minister.
Trump later stated that Iran intends to make an offer aiming to meet the US demands.
He added: "They will make an offer and we'll see what happens".
Earlier in the session, prices rose by about 2% due to renewed fears of military escalation in the region, a day after Iran released footage of special forces boarding a cargo ship in the Strait of Hormuz and the stalemate in efforts to open the strait.
Tamas Varga of PVM Oil Associates stated "traders resorted to liquidation before a weekend full of uncertainties and will adjust their positions on Sunday evening based on the developments in the Iranian file."
Navigation through the Strait of Hormuz, which pre-war transmitted about a fifth of the world's oil production, remains effectively banned.
Iran's seizing of two cargo ships highlighted the difficulties Washington faces in attempting to control the strait.
Shipping data showed that only five ships, including an Iranian oil product tanker, crossed the strait in the past 24 hours.
Trump said on Thursday that Iran may have increased its military arsenal "a little" during the two-week ceasefire, but added that the US military is capable of eliminating it in one day. Trump also mentioned on Wednesday that he would extend the ceasefire indefinitely to allow more room for talks.
