Brent crude posts second weekly gain on Iran pressure
Brent trades just below $94 a barrel on Friday, aiming for a second straight weekly gain of around 6% amid expectations of further US pressure on Iran and ongoing Middle East supply disruptions.
Brent crude oil traded just below $94 a barrel on Friday, heading for a second consecutive weekly gain of around 6%.
Prices remained supported by expectations of further US pressure on Iran, with no clear end to the conflict that has disrupted Middle Eastern energy flows.
Treasury Secretary Scott Bessent said details of Washington’s new measures to isolate Iran’s economy would be announced next Monday, after President Donald Trump described the initiative as an “economic D-Day.” The measures could affect countries that continue trading with Tehran, including China, the largest buyer of Iranian crude.
Beijing has rejected economic pressure and called for a diplomatic solution.
Supply concerns are also being reinforced by disruptions to Russia’s energy sector, where Ukrainian attacks on refineries and ports have affected fuel production and contributed to shortages in some regions.