Oil set for second weekly rise as unsettled US-Iran war crimps supply
SINGAPORE: Oil prices were little changed on Friday , but were on track for a second weekly rise as the stalemated US-Iran war continues to disrupt supply from the key Middle East producing region. Brent crude futures rose 4 cents to $93.82 a barrel by 0142 GMT, after climbing 2.4% in the previous session. US West Texas Intermediate crude futures slipped 6 cents to $86.78 a barrel, after climbing…
Oil prices are poised for a second weekly increase as the ongoing US-Iran conflict continues to impact supply from key Middle Eastern producing nations, according to Business Recorder. Brent crude futures rose 4 cents to $93.82 a barrel on Friday, following a 2.4% gain the previous day, while US West Texas Intermediate crude futures fell 6 cents to $86.78 a barrel after a 2.3% increase.
Analysts attribute the price surge to concerns over the inconclusive nature of the conflict, which has led to ongoing curtailment of supply from major oil producers such as Saudi Arabia, Iraq, the UAE, and Kuwait. The recent peace deal between the nations expired without renewed talks, and US President Donald Trump has threatened economic retaliation against countries supporting Iran, further exacerbating supply concerns.
Brief written by urgent.news from Business Recorder's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
