US-Iran Tensions Keep Oil Prices Afloat
Oil prices rose slightly on Friday, but were poised for a second straight weekly gain as tensions between the US and Iran continued to disrupt oil supplies from major Middle East producers.
Brent crude futures climbed 4 cents to $93.82 per barrel by 0142 GMT, after increasing 2.4% in the previous session, while US West Texas Intermediate crude futures slipped 6 cents to $86.78 a barrel, following a 2.3% gain in the prior session.
The prices have risen as investors remain concerned about the ongoing stalemate between the US and Iran, which has led to reduced oil supply from major producers such as Saudi Arabia, Iraq, the UAE, and Kuwait.
US President Donald Trump threatened economic retaliation against countries supporting Iran, while the UAE suspended all financial and economic transactions with Iran until further notice.