Oil prices climbed on Friday but were on track for their steepest weekly loss since June 2025 ahead of U.S. oil and gas rig count data from Baker Hughes later in the day and U.S.-Iran diplomatic talks scheduled for the weekend.
Brent crude prices rose nearly 2 percent toward $98 a barrel after reports suggested that missile and drone strikes have cut Saudi Arabia's oil production capacity by around 00,000 barrels per day and reduced flows through the East-West pipeline by about 700,000 bpd.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.