• Oil headed for the biggest weekly loss since early November as negotiations advance for an agreement to pause the Israel-Hamas war in what could be a crucial step toward ending the conflict.
• West Texas Intermediate rose above $74 a barrel on Friday, but was still down almost 5% for the week. Brent tumbled for a second session on Thursday. Talks on a ceasefire are still in the early stages and a breakthrough isn’t expected in the coming days, people familiar with the matter said.
• There are still concerns simmering tensions in the Middle East could escalate quickly. Yemen-based Houthi rebels continue to target shipping in the Red Sea and Gulf of Aden, while the market waits for a US response to a drone assault that killed American troops in Jordan over the weekend.