Oil on track for weekly drop as Iran uncertainty persists
- Oil prices declined Friday, with Brent crude trading near $89.10 per barrel and WTI near $82.89.
- Both benchmarks were set for weekly losses, ending a two-week period of gains.
- Analysts said rising Gulf oil flows through the Strait of Hormuz reduced some supply concerns despite ongoing tensions.
Oil prices declined Friday as Brent crude futures fell to $89.10 per barrel and West Texas Intermediate futures dropped to $82.89, putting both benchmarks on track for weekly losses.
Brent crude was down 5.3% for the week and WTI declined 4.3%, despite prices rising in the previous session after reports that the U.S. administration was not seeking to return to earlier Iran deal terms.
Goldman Sachs estimated recent Gulf oil exports at 15 million to 16 million barrels per day, which remained below pre-conflict levels but above the lowest point recorded in March, while market participants monitored supply conditions.
Following the announcement, oil prices were lower, with Brent crude futures down 60 cents, or 0.67%, and WTI crude futures down 64 cents, or 0.77%, at 0636 GMT.
The decline followed ongoing geopolitical developments involving Iran, including U.S. sanctions announced earlier in the week and continued diplomatic efforts by other countries to restart discussions.
Oil markets also monitored broader geopolitical risks after Russia warned it could target British military assets following attacks involving British-supplied long-range missiles, while U.S. officials said Russia would not attack a NATO country.
