US Pressure on Iran Sends Oil Prices Soaring

Oil prices have been boosted by US pressure on Iran, leading to their second consecutive weekly gain. According to Reuters, Brent crude futures fell 17 cents to $93.61 a barrel on Friday, while US West Texas Intermediate crude futures slipped 36 cents to $86.47. The Brent benchmark has increased by more than 5.8% this week, with WTI rising 4.8%. ANZ analyst Soni Kumari attributed the rise in oil prices to the US taking a firm stance against Iran, citing the blockade and threats of tougher sanctions on Iranian oil exports.

The supply disruption continues, with only seven commodity ships sailing through the Strait of Hormuz on Thursday, compared to 14 the previous day. The market is starting to adjust to the fact that oil trade and supply conditions are unlikely to return to prewar levels anytime soon, Kumari added.