Oil prices moved up and down during Friday’s trading but are still heading for their second straight weekly decline. The main reason is that the United States remains committed to its embargo on Iran, reducing the chances of another major military conflict that could disrupt oil supplies from the Middle East. However, concerns remain over attacks on ships and oil tankers in the region.
Brent crude futures slipped by one cent to $95.41 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.25%, to $88.52 per barrel.
Friday’s losses wiped out the gains made over the previous two days. Oil markets have seen sharp price swings this week as investors watch for signs of a possible breakthrough to end the US-Israeli war on Iran, which has now entered its ninth month. At the same time, security concerns have increased following attacks on Saudi infrastructure and oil tankers leaving the Gulf.
Brent crude is expected to finish the week down around 2.4%, following a 16% drop last week.
WTI crude is also on track to lose about 2.5% this week, after falling 13% the previous week. Uncertainty surrounding the conflict and its impact on global oil supplies continues to put pressure on prices.