Oil headed for weekly gain on impact of Middle East tension and Hurricane Isaias
Oil prices slipped on Friday after US President Donald Trump ruled out launching attacks on Iran before the midterm elections next month, although crude remains on track for a weekly rise amid escalating geopolitical tensions. Brent , the benchmark for two thirds of the world's oil, was trading 0.82 per cent lower at $103.42 a barrel at 10.35am UAE time. West Texas Intermediate, the gauge that…
Oil prices are set to climb on Friday as geopolitical tensions in the Middle East persist and Hurricane Isaias threatens the US Gulf Coast oil infrastructure. Brent crude, the benchmark for two-thirds of the world's oil, slipped 0.82% to $103.42 a barrel, while US West Texas Intermediate crude fell 0.74% to $90.81 a barrel. Despite these declines, both benchmarks are on track for weekly gains, with Brent up 4.1% to $104.20 a barrel on Thursday.
The hurricane is expected to hit the Gulf Coast late Friday or early Saturday, potentially impacting up to 500,000 barrels per day of oil production. The geopolitical risks remain elevated due to ongoing fighting between Saudi Arabia and Houthi rebels, as well as the US imposing sanctions on Iranian oil shipments.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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