Oil up 1.6%, but trends towards weekly decline

Saturday, 28 March 2026 00:36 - - {{hitsCtrl.values.hits}}

Oil prices rose Friday but were on track for their first weekly decline since 9 February as US President Donald Trump extended a pause in attacks on Iran’s energy plants, though investors remain cagey about prospects for ceasefire in the month-old war.

Brent crude futures rose by $ 1.87, or 1.73%, to $ 109.88 a barrel by 10 am GMT Friday. US West Texas Intermediate futures were up $ 1.57, or 1.66%, at $ 96.05.

The Brent benchmark has jumped 52% since 27 February, the day before the US and Israel launched strikes against Iran, but was down 2.1% this week. WTI, up 43% since the war began, was down 2.3% over the week.

The conflict has taken about 11 million barrels per day out of global oil supply, with the International Energy Agency describing the crisis as worse than the two 1970s oil shocks combined.