Brent Crude Posts Sharpest Weekly Loss Since 2022

Brent crude oil futures were barely changed, settling at $67.8 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, Brent finished the week down 12%, its worst since August 2022 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.