Oil Maintains Weekly Gains as US-Iran Standoff Intensifies

Oil prices saw little change on Friday, yet they are poised for a second consecutive weekly gain amid the ongoing stalemate between the United States and Iran, which continues to disrupt vital Middle Eastern supplies. Brent crude futures rose by four cents to reach $93.82 per barrel, following a 2.4% ascent in the previous session. Conversely, U.S. West Texas Intermediate (WTI) crude futures dropped by six cents to settle at $86.78 per barrel, after posting a 2.3% gain on Thursday. Over the past five days, Brent's price surged by more than 7%, and U.S. crude by over 8%, reaching their highest levels since July 24. This price increase was driven by concerns that the unresolved situation of U.S.-Israeli tensions against Iran could lead to continued disruptions in supplies from major oil-producing nations in the region, including Saudi Arabia, Iraq, the UAE, and Kuwait. This coincided with the expiration of the Memorandum of Understanding (MoU) between Tehran and Washington this week, with no efforts from either side to resume talks. Furthermore, U.S. President Donald Trump had threatened to impose stringent economic measures against countries supporting Iran.