Al-Attiyah Energy Foundation: Oil prices decline by 9% at the end of the week

A report by the Al-Attiyah Energy Foundation indicated that oil prices fell by about 9% at the end of last week’s trading, after Iran announced that the Strait of Hormuz would remain open to commercial shipping throughout the ceasefire period.

At market close, Brent crude settled at $90.38 per barrel, while West Texas Intermediate (WTI) closed at $83.85. On a weekly basis, Brent declined by 5.1%, whereas U.S. crude posted gains of 13.2%.

In parallel, a report by Axios revealed progress in ongoing negotiations between the United States and Iran over a memorandum of understanding aimed at ending the conflict, raising hopes for a potential settlement.

Shipping data also showed around 20 tankers exiting the Gulf through the Strait of Hormuz, signaling an improvement in maritime traffic, although analysts warned that this recovery could be disrupted if nuclear talks and sanctions-related negotiations stall.

Meanwhile, LNG prices in Asia declined for the fourth consecutive week, pressured by weak demand and relatively stable geopolitical conditions. The average price for June delivery to Northeast Asia fell to about $16.05 per million British thermal units (MMBtu), down from $17 the previous week.

On the political front, Donald Trump expressed confidence in reaching an agreement with Iran soon, noting the possibility of a new meeting over the weekend.

In Europe, the Dutch TTF gas price stabilized at $13.55 per MMBtu, marking a weekly decline of 10.2%, as European buyers increasingly turn to pipeline gas supplies to meet their demand.