Oil ended higher but suffered 12% weekly loss amid OPEC+ supply speculation and Iran-US uncertainty
Despite the mild rebound, both benchmarks posted their largest weekly drop since early 2023, driven largely by easing geopolitical risk following the ceasefire between Israel and Iran.
Crude oil futures inched higher on Friday, 27 June 2025, but still recorded a steep weekly loss of around 12%, as the market grappled with mixed signals from geopolitical developments and supply-side dynamics.
Brent crude settled at $67.77 per barrel, up 4 cents, or 0.1%.
WTI gained 28 cents, or 0.4%, to close at $65.52 per barrel.
Despite the mild rebound, both benchmarks posted their largest weekly drop since early 2023, driven largely by easing geopolitical risk following the ceasefire between Israel and Iran.
Traders remained cautious as nuclear negotiations between the US and Iran showed little clarity, leaving the door open to potential supply shifts should sanctions ease. Meanwhile, Bloomberg cited OPEC delegates indicating readiness to consider another production increase of 411,000 barrels per day for August—continuing the group’s trend of aggressive monthly hikes.
On the other hand, US Energy Information Administration (EIA) showed a larger-than-expected drawdown in crude and fuel inventories, suggesting firming domestic demand. The bullish inventory report helped limit downside pressure and offered a counterbalance to oversupply concerns.
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