Oil prices were steady at the end of a volatile trading week, but the market remained on course for a sharp monthly advance. Based on the latest moves, crude was heading for its biggest monthly gain since March, with reports pointing to a rally of about 21%.
The main driver was escalating conflict between the US and Iran, which added fresh pressure to an already tense energy market. Traders focused on the risk that a worsening war could disrupt supply and keep crude prices elevated even after sharp day-to-day swings.
The latest price action highlights how quickly geopolitical tensions can reshape expectations in the oil market. Even when prices paused, underlying concern about supply strains appeared to support crude and keep the monthly trend strongly positive.
For now, the market is balancing short-term volatility against broader fears of tighter supply. That combination has left oil near the end of the month with one of its strongest rallies in recent months.
