Oil slips near $90 after nearly 9% weekly gain
Crude traded slightly lower around $90 a barrel on Friday but was up nearly 9% for the week, its strongest weekly performance since mid-July. US-Iran tensions and Strait of Hormuz shipping concerns continued to drive sentiment.
Crude oil traded slightly lower around $90 a barrel on Friday but was up nearly 9% for the week, marking its strongest weekly performance since mid-July, as tensions between the US and Iran continued to drive market sentiment.
US-Iran strikes resumed this week for the first time in about a month, reigniting concerns over supply disruptions.
Israeli warnings that it would “cripple” Iran’s military and civilian infrastructure also weighed on sentiment.
Meanwhile, US Vice President JD Vance said on Thursday that Washington does not plan to hold talks with Tehran unless Iran stops attacking commercial shipping in the Strait of Hormuz.
However, there were signs that crude supplies were still reaching the market and Iraq’s oil exports rose in August and are expected to increase further in September.
Meanwhile, OPEC+ is likely to keep its oil output policy unchanged for October at its meeting on Sunday.