Brent hovers near $94 as US-Iran conflict continues to squeeze energy supply
On Friday, oil prices held steady, with Brent crude nearing $94 per barrel amid ongoing supply disruptions triggered by the US-Iran conflict. Both Brent and WTI benchmarks are poised for a second consecutive weekly increase. President Trump earlier issued threats of retaliation against nations backing Iran, as the ongoing war has resulted in significant casualties and interruptions to oil and gas…
Oil prices climbed near $94 a barrel on Friday, as the US-Iran conflict continued to limit energy supplies, Reuters reported. Brent crude reached $93.89 per barrel around 7:30 am IST, marking a 2.4% increase from the previous session. US West Texas Intermediate stood at $86.84 per barrel, up 2.3% from the day before. The benchmarks were poised for a second consecutive weekly gain, with both Brent and WTI hitting their highest levels since July 24 during the rally.
The surge followed a 2% jump in oil prices on Thursday, after US President Donald Trump warned that nations supporting Iran could face retaliation, amid stalled peace talks. The conflict has put pressure on major oil exporters like Saudi Arabia, Iraq, the UAE, and Kuwait to cut production. The peace deal between Iran and the US expired this week, with no signs of renewed negotiations.
On Wednesday, Trump threatened economic sanctions and isolation against Tehran, warning of consequences for any country aiding Iran. The UAE also halted all financial and economic dealings with Iran. Tensions escalated after the US and Israel launched military strikes on Iran on February 28, causing thousands of deaths and disrupting oil and gas flows through the Strait of Hormuz.
Shipping through the strategic waterway has been low, with only nine vessels transiting on Wednesday, far below pre-war levels. While oil prices are now above $90 a barrel, the rise is still far below the $126-a-barrel levels experienced during the conflict's early stages.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
