Singapore, Aug. 21 (SANA) Oil prices edged lower Friday but remained on track for a second consecutive weekly gain as the U.S.-Iran war continued to disrupt Middle East supplies, Reuters reported.
Brent crude futures fell 23 cents, or 0.3%, to $93.55 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped 33 cents, or 0.4%, to $86.50.
Over the previous five sessions, Brent gained more than 7% and WTI more than 8%, with both reaching their highest levels since July 24, amid concerns over supply disruptions from major Middle East producers.
BMI, a unit of Fitch Solutions, said risks to its Brent price outlook were tilted to the upside, citing disruptions to exports through the Strait of Hormuz and the Red Sea.
Seven commodity ships sailed through the Strait of Hormuz Thursday, half the previous day’s total, Kpler data showed. Before the war, about one-fifth of global oil consumption passed through the waterway.
The war began on February 28 when the United States and Israel launched military strikes on Iran. U.S. President Donald Trump this week threatened economic retaliation against countries supporting Tehran.
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