Brent Crude Edges Lower Amid Increased Hormuz Traffic

Oil prices retreated on Friday as investors took profits after a strong weekly rally. The market continues to assess reports of increased oil flows through the Strait of Hormuz and Washington's intensifying economic pressure on Iran.

The International benchmark Brent crude futures for October delivery traded at $93.16 per barrel, down 0.66% from the previous close of $93.78. US benchmark West Texas Intermediate (WTI) crude futures for October delivery traded at $86.16 per barrel, down 0.77% from $86.83.

Brent was on track to gain more than 5% this week, marking its second consecutive weekly increase, after rising to a one-month high amid persistent concerns over oil supply disruptions stemming from the prolonged conflict in the Middle East.