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Oil prices fell slightly on Friday but were heading for a second weekly rise as the US-Iran war stalemate continues to hit supplies from the key producing region of the Middle East.
Brent crude futures fell 23 cents, or 0.3%, to $93.55 a barrel at 0142 GMT, after rising 2.4% in the previous session. U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, or 0.4%, to settle at $86.50 a barrel, after rising 2.3% in the previous session.
During the previous five days of increases, Brent rose more than 7% and WTI appreciated more than 8%, reaching its highest since July 24.
Prices have risen on concerns that the unfinished state of the US-Israel war against Iran will mean a continued supply squeeze by major oil producers. oilsuch as Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.
The previous peace agreement between both sides expired this week without any effort by either side to resume negotiations, and the president of the United States, donald trumpthreatened to take economic retaliation against countries that support Iran.
“Both sides remain firm, but they cannot afford to wait, in a context in which crude oil prices continue to rise inexorably,” he said on Friday. Tony Sycamoreanalyst I.G..
BMIa unit of Fitch Solutionsannounced on Friday that it will review its Brent price forecasts this month, adding that the risks to those forecasts “point to the upside.”
“Exports are already under considerable pressure, due to two disruptions occurring in the Strait of Hormuz due to Iran’s closure of the strait and the US naval blockade against Iran, and in the Red Sea due to the Houthi embargo,” he noted. BMI.
