06.03.202607:36:00UTC+00Brent Soars in Strongest Weekly Rally Since 2022

Brent crude oil futures pared earlier losses to trade near $85.50 per barrel on Friday, remaining on course for their largest weekly advance since early 2022. Prices had fallen as much as 3% earlier in the session after US officials signaled potential near-term steps to rein in surging energy costs, including possible releases from strategic crude reserves, looser fuel-blending rules, and allowing the Treasury to participate in oil futures markets.

Despite the intraday pullback, Brent was still up about 20% for the week, as the conflict in the Middle East continued to roil energy markets and brought shipping through the Strait of Hormuz close to a standstill. There were no signs of de-escalation: Iran denied reports that it had requested a ceasefire and indicated it was unwilling to enter negotiations. Tehran also launched missiles and drones across the Gulf, hitting an oil refinery in Bahrain, while Israel carried out further airstrikes on the Iranian capital and the US suspended operations at its embassy in Kuwait.