Oil Ends With Large Weekly Loss Ahead of Iran Talks


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude futures ended Friday's (4/10) trading with the 
largest weekly drop in 10 months, ahead of U.S.-Iran talks that could drive 
energy prices lower if a peace deal is struck after more than a month of 
fighting that upended Middle East oil supplies.

   NYMEX May WTI crude settled the day down $1.30, or 1.3%, at $96.57 bbl. For 
the week, it tumbled 13%, the most for a front-month contract in U.S. crude 
since the week ended June 27, 2025.

   ICE Brent for June closed down $0.72, or 0.8%, at $95.20. ET. On a weekly 
basis, the global crude benchmark was off 12%.

   Among refined products, NYMEX ULSD for May closed down $0.1754, or 4.5 %, at 
$ 3.7616 gallon. For the week, the front-month distillates contract declined by 
14%.

   Gasoline was the only major component of the NYMEX complex to post a rise on 
the day. RBOB May futures settled the session up $0.0366, or 1%, at $ 3.0373 
gallon. For the week though, the front-month gasoline contract lost 8%.

   On the war front, U.S. Vice President J.D. Vance will lead a White House 
delegation to talks with Iranian negotiators in the Pakistani capital of 
Islamabad this weekend.

   Energy markets witnessed volatile trading since a ceasefire Tuesday (4/7) 
brought to a halt five weeks of U.S.-Israel bombings of Iran, which Tehran 
reciprocated with strikes aimed at the oil and gas facilities of its neighbors 
deemed to be allies of its two enemies.

   Prior to this week, oil prices mostly rose through March, with WTI gaining 
more than 50% last month and Brent over 60% as Iran blockaded the Strait of 
Hormuz, which serves as an artery to Middle East oil shipments.

   The strait, a transit point for 20 million bpd of global petroleum supplies, 
has remained largely closed since Tuesday's ceasefire, with only one tanker 
reportedly passing the waterway on Friday compared with the daily pre-war 
traffic of 140 tankers. Iran has stated that it will officially impose a toll 
on ships using the Hormuz to pay for the rebuilding of its country from the 
war, with reports suggesting a planned levy of $1 in cryptocurrency or Chinese 
yuan for each barrel that traverses the strait. The U.S. says it opposes that 
plan.




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