Oil Futures Slide Over 2% on Ceasefire Hopes
Oil futures fell over 2% on Friday, marking the largest weekly drop since April, amid hopes for a U.S.-Iran ceasefire. Brent crude settled at $92.05 a barrel, while WTI closed at $87.36. Analysts warn that while optimism exists, uncertainty persists regarding the Strait of Hormuz’s reopening and traffic levels.