Brent Crude Seeks Weekly Gain Amid Middle East Tensions

Crude oil prices are experiencing some volatility as concerns about supply security from the Middle East continue to weigh on markets. Despite reports of a possible deal between the US and Iran, Brent crude is still set for a weekly gain.

The current situation has been exacerbated by ongoing Yemeni Houthi attacks on Saudi Arabia, which have escalated in recent days. The group claimed to have fired a barrage of missiles and drones at various targets, including the Yanbu port on the Red Sea - Saudi Arabia's main oil export terminal.

While some analysts believe that diplomatic efforts may help stabilize the situation, others are warning that the gap in global oil inventories is growing wider. Sparta Commodities' senior oil market analyst June Goh predicts that prices will remain above $100 per barrel until a clear resolution is reached.