Brent crude heads for second straight weekly gain
Brent crude traded above $93 a barrel on Friday and was on track for a second consecutive weekly rise, with gains of more than 5% so far this week amid US-Iran tensions and Ukrainian strikes on Russian energy infrastructure.
Brent crude traded above $93 per barrel on Friday and was on track to post a second consecutive weekly gain, rising more than 5% so far this week.
The gains came as the US-Iran conflict showed no signs of abating, with the two sides locked in a dispute over the Strait of Hormuz.
The US is moving to isolate Iran’s economy in what President Donald Trump described as an "economic D-day,” with details of the initiative expected on Monday.
The proposed measures are likely designed to cut Tehran off from international financial and commercial channels, including banks, businesses, shipping registries, cash transfers and smuggling networks.
Washington aims to increase economic pressure on Iran and push Tehran toward negotiations over the conflict, its nuclear programme and control of Hormuz.
Elsewhere, a series of Ukrainian strikes on Russian energy infrastructure has caused fuel shortages in some regions, adding further pressure to global oil markets.