Oil prices track biggest weekly gain since July
- Oil prices remained largely unchanged on Friday but stayed on track for their largest weekly gains since July.
- Brent crude rose 7.6% weekly to $95.52 per barrel, while WTI gained 10.4% to $91.36 per barrel.
- U.S.-Iran tensions and attacks on Russian refineries increased concerns about potential global oil supply disruptions.
Oil prices were little changed on Friday but remained on track for their strongest weekly increase since mid-July as rising tensions between the United States and Iran increased concerns about Middle East supply risks.
Brent crude oil futures were flat at $95.52 per barrel, while West Texas Intermediate crude oil futures increased 7 cents, or 0.1%, to $91.36 per barrel during early trading.
The weekly gains followed renewed U.S.-Iran hostilities, including clashes that resulted in deaths and injuries, while concerns over attacks on Russian refineries in Ukraine also contributed to supply uncertainty.
Energy analysts at ANZ raised their short-term Brent crude forecast to $95 per barrel and said the market is adjusting as existing inventory levels that helped absorb earlier disruptions begin to decline.
Following the announcement. Brent crude was trading at $95.52 per barrel and WTI crude was trading at $91.36 per barrel.
The oil market also tracked developments around the Strait of Hormuz, where Iran expanded restrictions on vessels considered non-compliant, while U.S. officials said discussions with Iran would not proceed unless attacks on commercial shipping stopped.
Global oil supply conditions remain influenced by geopolitical events, shipping activity, refinery operations, and production changes, including increased Iraqi exports that reached about 2.34 million barrels per day in August.
