Oil prices were little changed on Friday, but were on track for a second weekly rise as the stalemated U.S.-Iran war continues to disrupt supply from the key Middle East producing region.<\/p>\n
Nick Oxford | Reuters<\/p>\n
Oil\u00a0prices were little changed on Friday, but were on track for a second weekly rise as the stalemated U.S.-Iran war continues to disrupt supply from the key Middle East producing region.<\/p>\n
Brent crude futures<\/a> rose\u00a04 cents to $93.82 a barrel by 0142 GMT, after climbing 2.4% in the previous session. U.S. West Texas Intermediate crude futures<\/a> slipped\u00a06 cents to $86.78 a barrel, after climbing 2.3% in the prior session.<\/p>\n During the previous five days of gains, Brent gained more than 7% and WTI climbed more than 8%, reaching their highest since July 24.<\/p>\n Prices have climbed on concerns the inconclusive state of the U.S.-Israeli war on Iran will mean the continued curtailment of supply from major\u00a0oil\u00a0producers such as Saudi Arabia, Iraq, the UAE and Kuwait.<\/p>\n The earlier peace deal between them expired this week with no effort by either side to restart talks and U.S. President Donald Trump threatened economic retaliation against nations supporting Iran.<\/p>\n “Both sides are dug in but lacking the luxury of time to play the waiting game, against a backdrop of crude prices grinding unerringly higher,” IG analyst Tony Sycamore said on Friday.<\/p>\n On Wednesday evening, Trump\u00a0threatened\u00a0“economic warfare and isolation on an unprecedented scale” against Tehran, warning of consequences for any country that provided “any type of lifeline to Iran”.<\/p>\n This week, the United Arab Emirates\u00a0suspended\u00a0all financial and economic transactions with Iran until further notice, highlighting the fraught ties between the major Gulf Arab\u00a0oil\u00a0producer and Tehran.<\/p>\n Thousands of people have been killed in the Iran war, which began on February 28 when the U.S. and Israel launched military strikes on Iran. Since then, Tehran’s blockade of the Strait of Hormuz and Iranian attacks on energy facilities across the Middle East have disrupted\u00a0global\u00a0oil\u00a0and gas flows.<\/p>\n Shipping traffic through the Strait of Hormuz on Wednesday\u00a0was unchanged\u00a0from the day before with nine vessel transiting the waterway, far below pre-war levels. Prior to the Iran war, shipments equal to about one-fifth of\u00a0global\u00a0consumption moved through the waterway.<\/p>\n