Oil Rises as Traders Monitor Cease-Fire, But Weekly Losses Top 10%

Oil prices rise in early trade as investors closely monitor the stability of the Israel-Iran cease-fire, with Brent crude gaining 1.7% to $67.30 a barrel and WTI up 1.8% to $65.48 a barrel.

Traders are also focusing on negotiations between the U.S. and Iran, with President Trump's Middle East envoy saying talks were "promising" and that Washington was hopeful for a long-term peace deal.

However, both crude benchmarks are still down more than 10% as concerns over supply disruptions have largely dissipated and prospects of an oversupplied market suggest limited upside for prices.