Oil prices edged lower on Friday but remained on course for a second consecutive weekly increase, as the United States threatened tougher sanctions against Iran and disruptions to Middle East oil supplies continued.
Brent crude fell 0.53% to $93.28 per barrel, while U.S. West Texas Intermediate (WTI) dropped 0.51% to $86.39. Despite Friday’s declines, Brent had gained more than 5.4% for the week, while WTI was up about 4.8%.
The rise has been driven largely by concerns over reduced oil supplies from major Middle Eastern producers, including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.
Iran has warned that its response to any new U.S. sanctions would be “devastating.” Washington has threatened what it described as the toughest financial penalties in its history, increasing fears that the conflict could further disrupt energy markets.
Shipping through the Strait of Hormuz, a vital route for global energy supplies, also remains severely reduced. Only seven commodity ships crossed the waterway on Thursday, according to shipping data, about half the previous day’s figure.
The Strait normally carries roughly one-fifth of global oil and liquefied natural gas supplies, making continued disruption a major concern for international energy markets.
Meanwhile, Ukrainian forces reportedly struck a Russian oil refinery in Perm, more than 1,600 kilometres from Ukraine, according to Ukrainian President Volodymyr Zelenskiy.
Overall, continued tensions between the U.S. and Iran, restricted shipping through the Strait of Hormuz and attacks affecting energy infrastructure are keeping oil prices elevated.
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