WTI Crude Posts Steep Weekly Drop Despite Friday Rebound

WTI crude oil futures rose by 0.4% to settle at $65.5 per barrel on Friday, but posted their sharpest weekly declines in years as geopolitical risk premiums faded.

The market had surged above USD 80 during the Iran-Israel conflict then easing after President Trump announced a ceasefire, soothing fears of supply disruptions from the region.

Since then, Trump has sent mixed signals about his pressure campaign on Iran’s oil revenues, admitting US sanctions have done little to stop China’s purchases.

Still, WTI crude fell 11% on the week, the steepest drop since March 2023.

Market is refocusing on fundamentals, including upcoming OPEC+ decisions and signs of strengthening summer demand.

Inventory data showing strong draws in distillates and signs of rising refinery activity also supported prices.

Meanwhile, China’s Iranian crude imports hit a record high in June, further influencing global supply dynamics.