Oil Prices Edge Lower as US-Iran Tensions Weigh on Global Energy Supplies

Oil prices edged lower on Friday but remained on track for strong weekly gains as renewed military confrontations between the United States and Iran heightened concerns over global energy supplies.

Brent crude futures fell 23 cents, or 0.24%, to $95.29 a barrel by 10:38 a.m. Central Time, while West Texas Intermediate (WTI) crude futures declined 54 cents, or 0.59%, to $90.76 a barrel.

Despite Friday's retreat, both benchmarks were poised to post substantial weekly gains. Brent was up 6.1% for the week, while WTI had gained 8.3%.

The surge in crude prices has been accompanied by an even sharper increase in fuel costs, with U.S. diesel prices reaching a record high.