US-Iran Conflict Drives Oil Prices Higher Amid Supply Disruptions

Oil prices remain steady on Friday but are poised to post a second consecutive weekly gain due to ongoing supply disruptions in the Middle East. The US-Iran conflict continues to curtail production from major oil-producing nations, including Saudi Arabia, Iraq, the UAE, and Kuwait.

The Brent crude futures price rose 4 cents to $93.82 per barrel by 0142 GMT, while West Texas Intermediate (WTI) crude futures slipped 6 cents to $86.78 a barrel. The previous five days have seen significant gains, with Brent increasing more than 7% and WTI rising over 8%, reaching their highest levels since July 24.

IG analyst Tony Sycamore attributed the price increases to concerns over the continued supply disruptions. 'Both sides are dug in but lacking the luxury of time to play the waiting game, against a backdrop of crude prices grinding unerringly higher,' he said.