Crude oil prices see few changes as peace talks remain slow

Oil prices were little changed for the week as traders held on to hopes for a successful outcome from attempts to secure peace between the U.S. and Iran.

Brent futures were up 14 cents, or 0.19%, at $71.94 a barrel by 2:31 p.m. ET (1831 GMT), ending the week just 5 cents lower than last Friday’s close.

West Texas Intermediate was up 9 cents, or 0.13%, at $68.78 a barrel.

Trading was light as U.S. markets were closed ahead of the U.S. Independence Day holiday on Saturday. On Thursday, the two oil benchmarks had hit their lowest levels since before the U.S.-Israeli war with Iran began in late February. Investor hopes for a full reopening of the Strait of Hormuz are being buoyed by peace talks between the U.S. and Iran, Commerzbank analysts said.

“The U.S.-Iran dealmaking process remains fragile but continues for now, as the question of Strait of Hormuz tolls and administration remains contentious,” Citi analysts wrote.

Natural gas prices remained at Thursday’s price because of the July 3 holiday in advance of the July 4 Independence Day celebration in the U.S.

Natural gas prices ended the down with a decline of $0.009 or 0.28% at $3.211 MMBtu.

Thursday proved to be a split day for gainers and losers among Oklahoma energy stocks. Matrix Service Inc. fell more than 6% in the day’s trading and USA Rare Earth fell more than 4%. On the plus side, ONEOK and OGE Energy each recorded strong 2% gains for the day.