Muscat: Oil markets regained some ground on Friday following a sharp sell-off a day earlier, as investors continued to monitor developments surrounding Iran and maritime traffic through the strategic Strait of Hormuz.
Brent crude futures rose by 33 cents, or 0.35 per cent, to reach $95.36 a barrel after settling 2.84 per cent lower in the previous session. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained 2 cents, or 0.02 per cent, to trade at $93.06 a barrel, following a 3.1 per cent decline on Thursday.
Despite the recent volatility, both benchmark crude contracts are on track to post their first weekly gains in three weeks. WTI has climbed more than 6 per cent over the week, supported by growing concerns over global oil supplies.
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Market sentiment has been influenced by stalled peace talks between the United States and Iran, raising uncertainty over future oil exports from the region.
