Oil poised for second weekly rise

Oil prices declined today, Friday, but with ongoing tensions between the United States and Iran and disruptions to supplies from the Middle East, prices are on track to achieve gains for the second consecutive week. Brent crude fell by 0.4% to $93.44 per barrel, while West Texas Intermediate dropped by 0.5% to $86.76. Despite recent increases exceeding 7% and 8% respectively during the week, these declines come amid concerns over continued disruptions from key producers in the region, such as Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait. Political deadlock between Washington and Tehran persists following the expiration of a memorandum of understanding between the two, with American threats of economic sanctions, adding pressure on oil supplies from the Strait of Hormuz.

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