Brent Crude Edges Lower Amid Tensions and Supply Recovery Worries

Oil prices showed mixed behavior on Friday as investors weighed the potential for renewed US-Iran tensions against signs of supply recovery in the Middle East.

Priyanka Sachdeva, a Senior Market Analyst at Phillip Nova, noted that the market's immediate focus was on crude oil and refined product availability and smooth flow from the Middle East to other parts of the world. She added that $100-a-barrel became a psychological threshold for market positioning.

Brent crude is set to decline by approximately 2% this week, while US crude is expected to gain around 0.3%, according to Reuters. The markets are also awaiting data from Baker Hughes on the number of active oil and gas rigs in the US, which will provide further insight into US supply prospects.