Iran tells UN nuclear agency that monitoring cannot proceed while it is under threat

Oil prices appeared set for their second weekly decline as concerns over supply eased, following US President Donald Trump's reassurance that he did not intend to reignite the Iran war. However, ongoing attacks on vessels in the region meant that prices remained unpredictable. Brent crude, which represents roughly two-thirds of the world's oil, fell 0.24% to $95.59 a barrel, while West Texas Intermediate, the gauge that tracks US crude, slipped 0.54% to $88.26 a barrel.

Both benchmarks were expected to experience a decline of more than 2.5% for the week, following a drop of about 13% the previous week.

President Trump had indicated earlier in the week that he would not be resuming the conflict with Iran, following his party's significant losses in the midterm elections. He further stated that the US no longer sought to reach an agreement with Tehran, commenting, "We don't need a deal with Iran. Those days have long since passed. We’ve got their money, hundreds of billions of dollars, and we’ve got their strait." This was stated on Truth Social, the social media platform run by Trump.

Nevertheless, ships continued to be targeted in the Strait of Hormuz, the crucial chokepoint for two-thirds of global crude supply and liquefied natural gas, which kept upward pressure on oil prices due to supply risks. This week, Iran's Islamic Revolutionary Guard Corps reported explosions on two supertankers carrying over four million barrels of oil in the strait.

Additionally, a tanker was struck by a projectile while navigating the Arabian Gulf, resulting in casualties, according to the UK Maritime Trade Operations agency.

The threat of attacks on Saudi energy infrastructure, following the Houthis' strikes on the kingdom's East-West oil pipeline and the Yanbu oil installation on the Red Sea coast, also contributed to higher prices. Saudi Arabia has been exporting a significant portion of its crude through the pipeline since the onset of the war due to the disruption in the strait.

Meanwhile, gold prices rose on Friday as they reached a more than one-year low the previous day. Spot gold increased by 1% to $3,917.70 per ounce at 9:55 am UAE time. Gold prices fell below the $4,000 level as markets anticipated an increase by the US Federal Reserve in December.