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Brent and WTI crude posted modest gains Friday despite broader weekly losses, as cancelled US-Iran negotiations and escalating Israeli operations in Lebanon cast shadows over the viability of a fragile Middle East peace settlement.
Malaysia's Finance Ministry sees potential relief from an US-Iran peace agreement, but warns that global oil price stability will take several months to materialize as logistics and transport costs accumulated during the crisis remain elevated.
Oil prices retreated more than 2% after Washington and Tehran agreed to an interim ceasefire that would restore shipping through the Strait of Hormuz and ease US sanctions on Iranian crude, reshaping energy market forecasts.