Singapore/London, Sept. 4 (SANA) Oil prices rose Friday and headed for their biggest weekly gains since mid-July as renewed U.S.-Iran tensions fueled concerns over Middle East supplies, while European stocks edged lower as investors awaited key U.S. employment data.
Brent crude futures gained 15 cents, or 0.2%, to $95.67 a barrel, while U.S. West Texas Intermediate crude rose 26 cents, or 0.3%, to $91.56, Reuters reported.
Brent was up 7.1% for the week and WTI 9.8%, putting both benchmarks on course for their strongest weekly gains since the week ending July 20.
The rally came amid renewed hostilities between the United States and Iran, raising concerns about potential disruptions to oil supplies from the Middle East as tensions over shipping in the region persist.
In European markets, the pan-European STOXX 600 slipped 0.1% to 648.67 points ahead of the U.S. nonfarm payrolls report for August, which investors are watching for clues about the Federal Reserve’s monetary policy outlook.
Germany’s DAX gained 0.1%, while Britain’s FTSE fell 0.1% and France’s CAC declined 0.2%.
Volkswagen was a standout, with its shares jumping 6% after the German automaker’s supervisory board reached an agreement on a restructuring plan. The broader European automobile sector index gained 1.1%.
Volkswagen said Thursday it planned to eliminate around 50,000 additional jobs worldwide by 2030, bringing its planned workforce reductions to about 100,000 as part of a broader cost-cutting and restructuring drive aimed at improving competitiveness.
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