MW Brent oil faces its worst weekly drop since 2022, as weekend talks loom between U.S. and Iran

By Nora Redmond

Iran called Israel's strikes on Lebanon "a blatant violation" of the cease-fire agreement.

Oil prices were trading flat on Friday, but headed for sharp weekly losses as weekend talks loomed between the U.S. and Iran.

Erasing bigger earlier gains, West Texas Intermediate crude (CL.1) was up just 0.1% at $97.99 a barrel. Down over 12% with the week nearly finished, WTI is headed for its largest one-week percentage decline since the week ending June 27, 2025, according to Dow Jones Market Data.

Brent crude (BRN00) slipped about 0.08% to $96 a barrel. Also facing a roughly 12% loss for the week, Brent was facing its biggest one-week percentage decline since the week ending Aug. 5, 2022.

A U.S. delegation led by Vice President J.D. Vance is set for talks with Iran in Islamabad, Pakistan, on Saturday, to end the conflict in the Middle East. A temporary two-week cease-fire was set to aid the negotiations; however, Israel's continued attacks on Lebanon have jeopardized the truce.

Tehran called the strikes "a blatant violation" of the agreement, while Israeli Prime Minister Benjamin Netanyahu has claimed that Lebanon was not a part of the cease-fire. Netanyahu said his government would hold talks with Lebanon focused on "disarming Hezbollah."

On Thursday, President Donald Trump confirmed in an interview with NBC News that Israel would be "scaling back" that military operation. "I spoke with Bibi and he's going to low-key it," he said. "I just think we have to be sort of a little more low-key."

Iran President Masoud Pezeshkian said discussions with Washington would be "meaningless" if bombs continued to fall on Lebanon during them.

"With talks between Tehran and Washington set to get underway on Saturday, investors could be in for a fretful weekend as they wait for indications of whether a path to lasting peace is possible," Dan Coatsworth, head of markets at AJ Bell, wrote in a note on Friday. "Ahead of this, investors may well be tempted to hedge their bets."

Uncertainty remains about the future of the Strait of Hormuz and when exports of oil supplies will return to normal levels. Trump's rhetoric on the war in Iran shifted throughout Thursday. He told NBC News that Iranian leaders are "much more reasonable" during meetings than when speaking to the press. But he also blasted the regime for its control of the strait.

"Iran is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz," Trump wrote in a post on Truth Social. "That is not the agreement we have!"

West Texas Intermediate and Brent crude contracts (CLM26) (BRNM26) for June have risen by nearly 2% to $91.36 and $97.60 a barrel, respectively.

Read: Here's how much money Iran can make charging tolls on one-fifth of the world's seaborne oil

-Nora Redmond

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April 10, 2026 07:58 ET (11:58 GMT)

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