Brent crude settled almost unchanged on Friday, 6 November, after a late rebound, closing a turbulent week sharply lower. The January Brent contract on ICE settled at $98.32 a barrel, up just 3 cents, or 0.03 per cent, on the day. US West Texas Intermediate settled at $90.83 a barrel, up 0.34 per cent. The small daily gains masked a heavy weekly fall: Brent lost $15.11 a barrel, or 13.32 per cent, over the week on a settlement-to-settlement basis.

Late gain on Iran fears

Reuters reported that crude futures edged up late in the session on renewed fears of further US strikes on Iran, as President Donald Trump said he would soon decide whether to pursue a peace agreement or destroy what remains of Iran. Earlier in the day Brent had climbed back above $100 a barrel, reaching $100.34, as fresh attacks on commercial vessels in the Middle East revived concerns over potential supply disruption.

Weekly losses despite two-day rebound

Despite rising for a second consecutive session, both benchmarks ended the week far below where they started it. Brent had dropped sharply earlier in the week as expectations of a possible de-escalation of the Iran war weighed on sentiment, and the two-day recovery only partly offset those losses. Natural gas was the strongest energy contract of the day, settling 1.73 per cent higher, while palladium led the wider commodities complex lower. Traders now face a weekend in which any fresh statement from Washington on Iran could move prices again when markets reopen.