HOUSTON: Oil prices rose on Friday as investors doubted the prospect of a breakthrough in US-Iran peace talks, but prices remained on track for a weekly loss.

Brent crude futures were up 82 cents, or 0.8 per cent, at $103.40 a barrel by 11:53am CDT (1653 GMT). US West Texas Inter­mediate futures were 54 cents, or 0.56pc, higher at $96.89. Both had risen over 3pc earlier in the session. On a weekly basis, Brent was more than 5pc lower and WTI was down by more than 8pc, with prices fluctuating sharply as expectations for a peace deal between Iran and the US shifted.

A diplomatic source in Islamabad told Iran’s state news agency IRNA that Pakistan’s army chief had left for Iran. A senior Iranian source told Reuters earlier that gaps with the US have narrowed, and US Secretary of State Marco Rubio spoke of “some good signs” in talks.

Published in Dawn, May 23rd, 2026