Brent trades near $96 as oil faces losses
Key points
- Brent crude traded at $96.04 a barrel, up 0.26%, while West Texas Intermediate fell 0.20% to $88.59.
- Both oil benchmarks were heading for a second consecutive weekly decline, with Brent set to lose 2.3% and WTI 2.4%.
- Softer U.S. fuel demand and rising inventories pressured prices, while attacks on oil infrastructure and shipping routes maintained concerns about supply disruptions.
Oil prices were mixed on Friday, with Brent crude trading near $96 a barrel and West Texas Intermediate crude near $89 as traders weighed easing conflict fears against shipping risks.
Both benchmarks were heading for a second weekly decline, with Brent set to lose 2.3% and WTI 2.4%, following drops of 16% and 13%, respectively, in the previous week.
"Geopolitical risks remain elevated, and any fresh disruption to oil supplies could quickly reignite upward pressure on prices," said Sugandha Sachdeva, founder of SS WealthStreet.
The U.S. Energy Information Administration said crude and fuel inventories increased last week as oil imports rose and demand for refined products weakened.
At 0741 GMT, Brent crude was up 25 cents, or 0.26%, at $96.04 a barrel, while WTI was down 16 cents, or 0.20%, at $88.59.
Iran's military said four oil tankers were hit by explosions in the Strait of Hormuz, while Yemen's Houthis claimed attacks on Saudi oil infrastructure, although Reuters could not immediately verify Iran's account.
The Strait of Hormuz remains a major export route for Middle Eastern crude, while U.S. President Donald Trump said a deal with Iran was unnecessary to end the conflict, increasing expectations that Washington could rely on sanctions and restrictions on oil shipments.
