Oil Set for Weekly Gain as U.S. Targets Iran Exports; Tariff Fears Ease

Oil markets are performing well this week despite ongoing geopolitical complexities. Brent crude advanced toward a 1% weekly gain, trading at $75.43 per barrel, while WTI crude remained stable around $71.06.

The positive momentum stems from two key factors: the U.S. Treasury’s aggressive plan to reduce Iranian oil exports by over 90%, and President Trump’s measured approach to reciprocal tariffs, opting for study rather than immediate implementation.

However, market analyst Stephen Innes suggests that while prices may trend lower, an immediate collapse is unlikely. The potential resolution of the Russia-Ukraine conflict has partially reduced the fear premium in oil prices, though fundamental supply-demand dynamics remain the primary price drivers. Meanwhile, natural gas emerged as a standout performer, surging toward a 13% weekly gain.