Brent oil prices held at $105 per barrel as renewed U.S.-Iran diplomatic prospects capped further upside. The market remains below the $110 threshold despite a projected weekly gain of $15 per barrel. The backdrop is a week of sharp gains for crude, with ICE Brent returning to $105 after a climb, while WTI contracts settled $10 per barrel below the benchmark. Renewed talks between the United States and Iran have kept sentiment cautious, preventing a breakout above $110. Key data show that the U.S. Strategic Petroleum Reserve has released 79.7 million barrels to 12 companies, with at least 4 million barrels of crude currently moving from the Gulf Coast to Europe. Gulf production is still down, with Goldman Sachs estimating 14.5 million barrels per day offline, representing 57% of pre‑war supply. Canada’s promised 23.6 million barrels of additional crude turned out to be natural output growth already expected for summer 2026. BP’s Whiting refinery lockout continues, while Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, has exported its first cargo. Looking ahead, the market expects Brent to remain anchored near $105 as diplomatic developments unfold, while strategic releases and Gulf supply constraints could keep volatility elevated. Drilling engineers and rig managers should monitor Gulf production recovery timelines and the pace of European SPR draws to gauge potential supply gaps. Other developments include Ukraine restarting Druzhba flows to Europe after Slovakia and Hungary lifted vetoes on a $105 billion EU loan. Brussels adopted its 20th sanctions package on Russia, adding 46 tankers to its shadow fleet list. Mexico announced Pemex will start exporting crude to Japan, starting with 1 million barrels. Japan plans to start its second round of SPR releases from May 1, pledging 36 million barrels. The Trump administration extended a Jones Act waiver by 90 days. Indonesia announced a deal to import 150 million barrels of Russian crude in 2026. The U.S. and EU will sign a memorandum of understanding on Friday for a strategic minerals partnership.