10.07.202615:52:10UTC+00Brent Heads for Weekly Gain

Brent crude oil edged down to about $75.50 per barrel on Friday but remained poised for a weekly gain of roughly 4.7%, as renewed US-Iran tensions disrupted shipping through the Strait of Hormuz and stoked supply concerns. Markets continued to track developments after fresh attacks strained the ceasefire, though talks between Washington and Tehran are still expected to proceed. President Donald Trump said both sides had agreed to keep negotiations open, but he warned that the ceasefire was effectively over following the renewed hostilities. Earlier reports suggested that technical-level discussions could resume, with a Qatari delegation arriving in Iran as part of ongoing diplomatic efforts. The IEA cautioned that a prolonged escalation could derail plans to rebuild global oil inventories later this year. At the same time, the United Arab Emirates raised its crude output to a record high last month, underscoring efforts by Gulf producers to sustain exports amid continued uncertainty.