Global oil prices saw minor fluctuations on Friday as investors closely monitored uncertainty surrounding potential diplomatic progress between the United States and Iran, while regional tensions continued to influence market sentiment.

In international trading, Brent crude oil slipped by 21 cents to $95.24 per barrel, while West Texas Intermediate (WTI) crude fell by 10 cents to $92.94 per barrel.

Market analysts said oil prices remained under pressure due to ongoing geopolitical tensions in the Middle East and the lack of significant progress in negotiations between Washington and Tehran. Investors are carefully assessing how developments in the region could impact global energy supplies.

Concerns intensified after reports that a proposed ceasefire arrangement in Lebanon was rejected by Hezbollah, dealing a setback to hopes for a broader reduction in regional hostilities. The continued uncertainty has kept energy markets cautious.

Shipping and trade reports also indicate that maritime traffic through the strategically important Strait of Hormuz remains restricted. The waterway is one of the world's most critical energy routes, carrying nearly 20 percent of global oil shipments. Any disruption in the area can have significant consequences for oil markets and energy security.

Despite the uncertainty, Haitham Al Ghais said the organization continues to expect global oil demand to increase by 1.2 million barrels per day this year.

Meanwhile, Iranian oil exports have reportedly fallen to their lowest level in six years, largely due to US maritime restrictions and weaker demand from China.

Energy experts believe that if global inventories continue to decline, oil prices could see a noticeable increase during the third quarter of the year.