Commerzbank says both crude benchmarks are heading for weekly losses of more than 7% as traders watch U.S.-Iran peace talks and the Strait of Hormuz risk premium.
Oil prices stayed rangebound as market participants awaited updates on U.S.-Iran peace talks. Commerzbank analysts said both major crude benchmarks are set for weekly losses of more than 7%, even as instability and concerns over the Strait of Hormuz continue to support a geopolitical risk premium in prices.