Oil drilling rigs
Oil prices rose on Friday but remained on track for weekly losses, as investors continued to assess the likelihood of a genuine breakthrough in peace talks between the US and Iran. 
Four sources told Reuters that seven major oil-producing countries within the OPEC+ alliance are likely to approve a modest increase in July output at their June 7 meeting, despite ongoing war-related disruptions affecting deliveries from some members.
Brent, WTI FuturesPrices
Crude
Price ($/bbl)
Change ($)
Change
Brent (July delivery)
104.24
+1.66
+1.6%
US WTI (June delivery)
97.37
+1.02
+1.1%
*At 07:58 am KSA time
On a weekly basis, Brent crude was down 4.6%, while US crude fell 7.6%, with prices swinging sharply amid shifting expectations over the prospects for a peace agreement.
BMI, a unit of Fitch Solutions, raised its average Brent price forecast for 2026 to $90 per barrel from $81.50, reflecting supply shortages, the time needed to repair damaged energy infrastructure in the Middle East, and an expected six-to-eight-week normalization period following the end of the conflict.
Markets are also awaiting later today’s Baker Hughes data on the number of active US oil and gas rigs for further signals on the outlook for American supply.
Oil drilling rigs
Oil prices rose on Friday but remained on track for weekly losses, as investors continued to assess the likelihood of a genuine breakthrough in peace talks between the US and Iran.
Four sources told Reuters that seven major oil-producing countries within the OPEC+ alliance are likely to approve a modest increase in July output at their June 7 meeting, despite ongoing war-related disruptions affecting deliveries from some members.
Brent, WTI FuturesPrices
Crude
Price ($/bbl)
Change ($)
Change
Brent (July delivery)
104.24
+1.66
+1.6%
US WTI (June delivery)
97.37
+1.02
+1.1%
*At 07:58 am KSA time
On a weekly basis, Brent crude was down 4.6%, while US crude fell 7.6%, with prices swinging sharply amid shifting expectations over the prospects for a peace agreement.
BMI, a unit of Fitch Solutions, raised its average Brent price forecast for 2026 to $90 per barrel from $81.50, reflecting supply shortages, the time needed to repair damaged energy infrastructure in the Middle East, and an expected six-to-eight-week normalization period following the end of the conflict.
Markets are also awaiting later today’s Baker Hughes data on the number of active US oil and gas rigs for further signals on the outlook for American supply.
