Oil Soars as US Targets Iran Economy
Oil prices are on track for a sharp weekly gain as Washington's efforts to isolate Iran's economy fuel concerns about fresh disruptions to global supply.
The US drive to cut off Tehran's financial lifelines has Brent crude trading above $93 a barrel, poised for a weekly rise of more than 5%.
West Texas Intermediate for October eased towards $86 a barrel, breaking a five-session winning streak.
The steps targeting Iran may also impact countries trading with Tehran, including China, the biggest buyer of Iranian crude, which has bought several million barrels of Saudi crude through recent tenders and existing long-term contracts.
China's overall purchases remain below pre-war levels, according to Bloomberg. Saudi Arabia and its Asian buyers are contending with logistical strain caused by the war.