Brent Crude Set for Largest Weekly Drop in Two Months

Brent crude futures are positioned for their largest weekly decline in two months, with prices down almost 10 percent. Traders are responding to media reports that a 60-day ceasefire extension and a limited Hormuz navigation deal are nearing completion.

Current prices place Brent near $92 per barrel. com reported that this level appears more manageable for importers regardless of whether President Trump and Iran’s Supreme Leader Khamenei finalize the proposed terms.

Japan’s crude imports fell 66 percent from a year earlier to 850,000 barrels per day in April, according to data from the Ministry of Economy, Trade and Industry. The figure marks the lowest monthly volume since 1967 as Middle East deliveries declined.

Mozambique has questioned a $2 billion cost overrun estimate submitted by TotalEnergies for the Mozambique LNG project. Officials commissioned an independent audit that did not confirm the expenses tied to the five-year delay.