Pakistan, May 24 -- Oil prices increased on Friday as investors closely monitored slow progress in US-Iran peace negotiations, which are linked to the reopening of the strategic Strait of Hormuz. Brent crude futures rose to 103.54 dollars per barrel, while US West Texas Intermediate also posted modest gains. Consequently, market sentiment remained highly sensitive to diplomatic developments and supply concerns.

Despite intraday volatility, both Brent and WTI posted weekly losses as expectations for a breakthrough peace deal shifted repeatedly throughout the trading sessions. Meanwhile, Brent fell more than five percent over the week, while WTI dropped over eight percent, reflecting unstable investor confidence. As a result, oil markets c...