Iran Sanctions Drive Oil Prices Above $90 a Barrel

Oil prices have edged lower on Friday but are still poised for a second consecutive weekly gain, driven by growing concerns over supply disruptions in the Middle East. The Brent crude futures price fell to $93.61 a barrel, while US West Texas Intermediate (WTI) crude futures dipped to $86.47.

The market's focus remains on the ongoing tensions between the United States and Iran, with no end in sight for disruptions to oil flows through the Strait of Hormuz. According to ship-tracker Kpler, only seven commodity ships sailed along the strait on Thursday, half the previous day's tally.

ANZ analyst Soni Kumari attributed the rise in oil prices to the US taking a firm stance against Iran, with threats of tougher sanctions and the blockade back in place. This has led to oil prices climbing above $90 a barrel for Brent crude.