Brent Crude Posts Big Weekly Gain Amid Ongoing Middle East Supply Concerns
Brent crude oil prices declined on Friday, but still managed to post their biggest weekly gain since July due to ongoing supply concerns in the Middle East.
The global benchmark fell by 2.8% on Friday after reaching a four-month high earlier in the week, but remains up more than 70% this year as the Iran conflict continues to disrupt regional energy flows.
Saudi Arabia shut its crucial East-West oil pipeline as a precautionary measure, raising concerns about alternative export routes that have become increasingly important due to shipping constraints through the Strait of Hormuz.
'Most traders feel the damage to the East-West pipeline is contained for now and will likely be repaired quickly,' said Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc.