Oil prices rose on Friday and are on track for the steepest weekly gain since mid-July as rising tensions and renewed U.S.-Iran hostilities heightened concerns over Middle East supply risks.<\/p>\n
Todd Korol | Reuters<\/p>\n
Oil\u00a0prices rose on Friday and are on track for the steepest weekly gain since mid-July as rising tensions\u00a0and renewed U.S.-Iran hostilities\u00a0heightened concerns over Middle East supply risks.<\/p>\n
Brent crude futures<\/a>\u00a0rose 15 cents, or 0.2%, to $95.67 a barrel at 0100 GMT, while U.S. West Texas Intermediate crude futures<\/a>\u00a0were up 26 cents, or 0.3%, at $91.56.<\/p>\n On a weekly basis, Brent rose 7.1% and WTI was 9.8% higher, set for the highest gains since the week ended July 20.<\/p>\n U.S. attacks\u00a0this week that killed and wounded dozens, including Iranian\u00a0civilians, marked the\u00a0fiercest clashes\u00a0between the two countries since July.<\/p>\n The war, which began with U.S.-Israeli strikes at the end of February, is now in its seventh month.<\/p>\n Israeli Defence Minister Israel Katz\u00a0renewed warnings\u00a0that Israel would “cripple” Iran’s military and civilian infrastructure, including energy facilities.<\/p>\n U.S. Vice President JD Vance told reporters on Thursday that Washington does not plan to hold\u00a0talks\u00a0with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz.<\/p>\n Capping\u00a0oil’s advance, however, Russian\u00a0President Vladimir Putin said there remained a path to a deal to end the\u00a0war in Ukraine,\u00a0adding that both the U.S. and China were prepared\u00a0to support a peace settlement.<\/p>\n Meanwhile,\u00a0Iran\u00a0expanded\u00a0its list of\u00a0vessels it deems non-compliant and subject to fines, confiscation or detention if\u00a0they attempt to transit the strait. Iraqi ships remain among\u00a0the few vessels\u00a0Tehran has cleared to pass through Hormuz.<\/p>\n Iraq\u00a0increased its\u00a0oil\u00a0exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers encouraged buyers.<\/p>\n