Oil set for third weekly decline as Middle East conflict concerns ebb
Oil prices were up slightly on Friday but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed, allowing demand worries to reassert themselves.
"The threat of disruptions to supplies from the Middle East continues to fall," ANZ Research said in a note on Friday.
"The conflict remains well contained within Gaza, despite concerns it would escalate as neighbouring Arab nations show their displeasure."
The White House said on Thursday that Israel had agreed to pause military operations in parts of north Gaza for four hours a day, though there was no sign of a complete let-up.