Oil Prices Edge Up on Supply Concerns Amid US-Iran Standoff

Oil prices remained stable in early trading on August 21, but are still poised for a second consecutive weekly gain due to ongoing supply concerns. The stalemate between the US and Iran persists, fueling worries about energy supplies in the Middle East.

Brent crude futures rose by four cents to $93.82 a barrel after increasing 2.4 percent in the previous session. U.S. West Texas Intermediate crude futures dropped six cents to $86.78 a barrel following a 2.3 percent gain on Thursday.

Over the past five days, Brent has climbed more than 7 percent, while U.S. crude has advanced over 8 percent. This surge marks the highest levels for both benchmarks since July 24.