Ammon News - Oil prices settled down on Friday on prospects for a peace deal between Russia and Ukraine that could ease global supply disruptions by ending sanctions against Moscow, but losses were limited by a delay in U.S. immediate reciprocal tariffs.

Brent futures settled down 28 cents, or 0.37%, at $74.74 a barrel. U.S. West Texas Intermediate (WTI) crude fell 55 cents, or 0.77%, to $70.74.
For the week, Brent gained 0.11% while WTI lost around 0.37%.

President Donald Trump ordered U.S. officials this week to begin talks on ending the war in Ukraine after Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him.

Lifting sanctions on Moscow in the event of a peace deal should boost global energy supplies. Reuters