Oil Prices Steady as US-Iran Tensions Weigh Against Recovering Supplies
Oil prices steadied on Friday as traders weighed the risk of renewed US-Iran tensions against recovering Middle Eastern supplies. Brent crude dipped 3 cents to $102.28 a barrel, poised for a weekly decline of about 2%, while West Texas Intermediate eased 19 cents to $92.68 a barrel, headed for a weekly increase of about 0.3%.
Analysts noted that the market was taking stock of mixed signals this week, with a healthier-looking Saudi export picture offset by reports of another US aircraft carrier heading toward the Gulf and China's decision to curb refined product exports.
KCM Trade chief analyst Tim Waterer said traders were simply taking a breather after a disruptive Thursday. Meanwhile, Priyanka Sachdeva, head of market insights at Phillip Nova, noted that the $100/barrel-level has become a psychological and market-positioning threshold, with the market increasingly pricing a world where supply chains remain vulnerable for longer.