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Brent Crude Oil Falls to $91, Heads for 1st Weekly Drop in After 2021

Brent crude futures: It extended losses to more than 2% to around $91 per barrel on Friday and were headed for their first weekly decline since the second week of December, as the prospect of Iranian oil returning to the market outweighed fears of possible supply disruptions from a Russia-Ukraine conflict.

Reuter reported that a deal to revive the 2015 Iran nuclear deal is taking shape, with a draft accord outlining a sequence of steps that would eventually lead to granting waivers on oil sanctions, and bring about 1 million barrels a day of oil back to the market.

Meanwhile, investors remain at the mercy of a volatile and tense standoff in Ukraine. Analysts expect oil to hold in the $90 to $100 a barrel range despite the potential return of Iranian oil exports, as geopolitical uncertainties and a tight global market, driven by capacity constraints and demand recovery continue to keep energy prices elevated.