Oil heads for steepest weekly drop despite daily gains as tensions ease

Oil prices are on track for a sharp weekly decline amid expectations of easing US-Iran tensions.

Brent crude futures for January rose today by $1.57, or 1.6%, to $99.86 a barrel.

US West Texas Intermediate crude climbed $1.10, or 1.22%, to $91.62 a barrel, marking gains for a second consecutive day.

Despite these daily increases, Brent is set to fall 12% this week after the December contract expired on October 30, while West Texas Intermediate is expected to drop 12.1%.