Oil Eyes Large Weekly Loss Amid Fragile Iran Peace Hopes


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude futures were steady on Friday(4/10), headed for 
their largest weekly decline in 10 months, as market participants awaited the 
outcome of U.S.-Iran peace talks after a more than a month of fighting that led 
to an upheaval in Middle East oil supplies and surge in energy costs for 
consumers worldwide.

   By 9:10 a.m. ET, NYMEX WTI for May delivery was down $0.09, or 0.1%, to 
$97.78 bbl. For the week, the U.S. crude benchmark was down almost 13%, its 
biggest weekly decline since the week ended June 26, 2025.

   ICE Brent for June slid $0.44, or 0.5%, to $95.48 bbl. It showed a drop of 
almost 12.5% on the week.

   Downstream, RBOB futures for May delivery softened by $0.0140 to $3.0147 
gallon. Front-month ULSD futures also slid by $0.0855 to $3.8515 gallon.

   Oil prices remained lower after data on Friday showed U.S. headline 
inflation rose in March as the Consumer Price Index (CPI) surged 3.3% 
year-on-year from higher gasoline and other energy costs brought on by the war 
in Iran.

   The CPI number for March came in a touch below market expectations for an 
annual growth of 3.4%. But it was still the highest annual inflation rate for 
any month in almost two years after February's 2.4% growth.

   Peace talks over Iran are scheduled to begin this weekend in Islamabad, 
Pakistan, with U.S. Vice President J.D. Vance leading the White House 
delegation. A ceasefire since Tuesday brought to a halt U.S.-Israeli airstrikes 
against Iran that began on February 27, triggering counterstrikes by Tehran 
against the oil and gas facilities of its allies deemed allies to the U.S. and 
Israel.

   Ahead of the talks, U.S. President Donald Trump characterized Iran's 
10-point proposal published by media outlets as a hoax, without precisely 
saying what Tehran had offered.

   Iran has, nevertheless, demanded control and toll collection over the Strait 
of Hormuz as compensation for war damages.

   Since the Iran broke out five weeks ago, Iran had blockaded the strait, 
barely providing passage to oil tankers that relied on the waterway, which 
served as the artery of Middle East energy supplies. Prior to the war, the 
Hormuz was transit point to around 140 oil tankers daily that carry a 
cumulative volume of about 20 million bpd of petroleum liquids that make up 20% 
of world supply.

    

    




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