Oil prices rise amid uncertainty over US-Iran truce

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Oil prices rose on Friday as the prospect of a lasting truce between the United States and Iran diminished after talks scheduled in Switzerland were canceled and Israeli attacks intensified in Lebanon.

Brent crude futures rose 51 cents, or 0.64%, to $80.36 a barrel, while US West Texas Intermediate crude futures gained $1.28, or 1.7%, to $77.88 a barrel. The July contract, the front-month contract, expires on Monday. Both benchmarks are on track for a weekly loss of about 8% (Reuters).

Switzerland said that US talks with Iranian negotiators on a deal to end the Middle East conflict would not take place on Friday after US Vice President J.D. Vance canceled plans to travel to the country, adding to the uncertainty surrounding the possibility of a permanent ceasefire.