Oil prices hovered near static levels this week as nervous traders clung to fragile hopes for a lasting U.S.-Iran peace.
Brent crude futures ticked up a mere 14 cents to finish a muted week at $71.94 per barrel.
West Texas Intermediate tracking closely behind gained just 9 cents to rest at $68.78 a barrel.
Trading volume remained remarkably thin as quiet American markets closed early ahead of the Independence Day holiday.
Just days prior, both benchmarks plummeted to deep lows unseen since the devastating U.S.-Israeli war with Iran ignited in late February.
Market analysts report that delicate peace talks are buoying investor hopes for a full reopening of the vital Strait of Hormuz.
Wall Street experts caution the dealmaking process remains highly fragile as contentious negotiations over shipping tolls continue.
Yet strong financial incentives are expected to keep the current memorandum of understanding from fracturing entirely.
Limited shipping has cautiously resumed through the strategic strait following a volatile exchange of military strikes last weekend.
Anxious Gulf oil producers are already ramping up output to capitalize on the prospective reopening of vital trade lanes.
A recent Reuters survey revealed that total OPEC production surged by 3.3 million barrels per day through June.
Kuwaiti oil production specifically witnessed a massive spike, jumping to 1.65 million barrels per day from May lows.
A fleet of five massive supertankers carrying millions of Saudi barrels has successfully departed the strategic waterway.
To accelerate Asian sales, Saudi Aramco swiftly pivoted to spot pricing over rigid long-term contracts.
This rapid resurgence in Middle Eastern crude supply is currently outpacing initial global market expectations.
Consequently, the physical market structure shifted to contango, signaling that near-term oil shortages are finally fading.