Oil little changed on uncertainty over U.S.-Iran peace deal Oil prices saw little change as a potential near-term end to the U.S.-Israeli conflict with Iran dimmed after Hezbollah rejected a ceasefire. Despite a decline in the previous session, both Brent and WTI crude futures are poised for their first weekly gain in three weeks due to Middle East fighting and limited traffic in the Strait of Hormuz. Analysts warn of potential price spikes in the third quarter due to falling global oil inventories.

• Oil prices were little changed, following sharp declines in the previous session.
• Prospects for a near-term end to the U.S.-Israeli war with Iran have dimmed.
• Hezbollah militia rejected a new ceasefire in Lebanon.
• Both Brent crude and U.S. West Texas Intermediate crude are set for their first weekly gain in three weeks.
• Analysts are concerned about falling global oil inventories, which could cause a price spike.
• OPEC maintains its oil demand growth forecast despite the Middle East conflict.
• Iranian oil exports have fallen to a six-year low, primarily due to the U.S. naval blockade.