Crude oil futures declined sharply on Friday after reports said China had moved to restart stalled peace negotiations between the United States and Iran, according to the Economic Times Markets report at https://economictimes.indiatimes.com/markets/commodities/news/crude-oil-prices-rise-10-this-week-but-china-enters-fray-to-push-for-end-to-iran-war-whats-next/articleshow/132619080.cms.

Despite the Friday pullback, both Brent crude and West Texas Intermediate crude were still on track to post weekly gains. The report said crude oil prices had risen 10% during the week. Brent is widely used as an international crude benchmark, while West Texas Intermediate is the main U.S. benchmark, so moves in both contracts are closely watched by energy traders, refiners and businesses exposed to fuel costs.

Geopolitical developments continued to have a major influence on global oil prices and supply concerns. The report cited ongoing tensions linked to Iran and noted that market attention remained focused on risks to shipping routes in key waterways. Those routes matter because interruptions in major transit corridors can affect the movement of crude and refined products between producing regions and consuming markets.

Experts cited in the report warned that oil prices could rise sharply if disruptions to shipping persist in important transit corridors. The report referenced the Strait of Hormuz, the Red Sea and Bab el-Mandeb among the routes being watched, while also referring to the Houthis and broader Middle East tensions. Investors and energy market participants are therefore monitoring both diplomatic signals around the U.S.-Iran talks and any signs of disruption or de-escalation along those shipping lanes.