Oil prices rose on Friday, heading to record their largest weekly gains since mid-July, with renewed confrontations between the United States and Iran and mounting concerns about energy supplies from the Middle East.
Brent crude futures rose 0.2% to $95.67 per barrel, while US West Texas Intermediate crude rose 0.3% to $91.56.
On a weekly basis, Brent achieved gains of about 7.1%, compared to a 9.8% rise in US crude, in light of the war entering its seventh month and Israel threatening to target Iranian energy facilities.
Concerns about navigation in the Strait of Hormuz increased after Iran expanded the list of ships it considers to be non-compliant with its directives, making them vulnerable to fines, confiscation or detention. On the other hand, statements by Russian President Vladimir Putin regarding the possibility of reaching a settlement to the war in Ukraine limited oil gains.
