Oil prices gain for second week as Middle East supply risks persist

• Oil prices eased on Friday but remained on track for a second weekly gain as Middle East supply disruptions continued.
• Brent crude futures fell to $93.44 a barrel, while West Texas Intermediate crude futures dropped to $86.76 a barrel.
• Market attention remains focused on the impact of the U.S.-Iran conflict, shipping disruptions, and possible changes to supply forecasts.

Brent crude futures and West Texas Intermediate crude futures moved lower on Friday but remained higher for the week as supply concerns linked to the U.S.-Iran conflict supported prices.

Brent crude futures fell 34 cents, or 0.4%, to $93.44 a barrel after rising 2.4% in the previous session, while West Texas Intermediate crude futures declined 44 cents, or 0.5%, to $86.76 a barrel after gaining 2.3%.

BMI, a unit of Fitch Solutions, said it will review its Brent price outlook this month as disruptions affecting exports through the Strait of Hormuz and the Red Sea added pressure to global supply flows.

Following the update, Brent crude futures were at $93.44 a barrel and West Texas Intermediate crude futures were at $86.76 a barrel.

Oil prices have risen over the past week, with Brent crude futures gaining more than 7% and West Texas Intermediate crude futures increasing more than 8% during the previous five trading sessions.

The market continues to monitor global oil supply routes, including the Strait of Hormuz, where Kpler data showed seven commodity ships sailed on Thursday compared with higher levels before the conflict, when about one-fifth of global oil consumption moved through the waterway.