Crude oil prices are set to finish the week lower, falling back below $60 per barrel after a short-lived rally earlier in the week. The move lower came after President Trump announced that violence in Iran is easing and that U.S. intervention is not necessary at this time. That statement removed much of the geopolitical risk premium that had supported crude for several days and marked the first daily decline in six sessions. Even with occasional rebounds, the broader trend remains fluid as markets continue to focus on oversupply heading into 2026.

Crude oil prices ripped higher on Thursday and Friday as unrest in Iran intensified, raising concerns that protests could eventually disrupt production. That said, the rally looks more geopolitical than fundamental. The sharp selloff below $55 per barrel earlier in the week triggered technical and headline-driven buying, but broader economic data continues to point toward demand weakness.