Oil prices remained mostly steady on Friday, but they are still on track to post gains for a second consecutive week as concerns over Middle East tensions continue to support the market.
Brent crude rose slightly to $93.82 per barrel after a strong gain in the previous trading session. U.S. West Texas Intermediate (WTI) crude eased a little to $86.78 per barrel but remained near recent highs.
Over the past week, Brent crude has gained more than 7%, while WTI has climbed more than 8%. Both benchmarks are heading toward their highest levels since late July.
The recent rise in prices has been driven by concerns about potential disruptions to global oil supplies as tensions between the United States and Iran remain unresolved. Market participants are worried that any further escalation could affect the flow of oil from the Middle East, one of the world’s most important energy-producing regions.
Particular attention is being paid to major oil exporters such as Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait. Any disruption to supplies from these countries could have a significant impact on global energy markets.
Investors are closely monitoring developments in the region, as geopolitical events are currently one of the biggest factors influencing oil prices. Many traders believe that continued uncertainty could keep prices elevated, while any signs of easing tensions may help stabilize the market.
For now, concerns over supply risks continue to support oil prices, keeping them near some of their highest levels in recent weeks.
