Oil prices have experienced a slight increase but are on track for a second consecutive weekly decline, driven by waning fears of a potential conflict between the United States and Iran that could disrupt supply. Brent crude futures rose by 29 cents or 0.4% to $67.81 per barrel, following a 2.7% drop in the previous session. Meanwhile, West Texas Intermediate (WTI) in the United States saw a modest gain of 25 cents or 0.4%, climbing to $63.09 after a prior downfall of 2.8%.

Despite the upward movement earlier in the week due to rising concerns over a possible US attack on Iran, a leading Middle Eastern oil producer, these fears have subsided significantly. The catalyst for this shift in sentiment was President Donald Trump's comments suggesting that Washington might reach an agreement with Tehran within the coming month. This has helped to alleviate the anxiety in the oil markets, which had previously shown strength due to geopolitical tensions.

As a result, both benchmark oil prices are indicating expected weekly declines, with a decrease of approximately 0.3% for Brent and 0.7% for WTI. This development underscores the delicate balance in oil markets, where geopolitical risks can have swift impacts on pricing, showing how sensitive commodities are to news surrounding international relations, particularly in regions critical for oil production. Investors will likely continue to monitor the situation closely as further developments may influence future oil supply and pricing.