Weekly Oil Price Gains Despite Global Supply Disruptions

Oil prices are on track for weekly gains as market uncertainty over global supply and escalating geopolitical tensions persists.

The price of Brent crude futures fell by $0.72, or 0.72%, to $99.97 a barrel, but remains set for a weekly gain of 13.5%.

US West Texas Intermediate (WTI) crude futures also declined, dropping $0.70, or 0.76%, to $91.49 a barrel, while still poised for a weekly increase of 10.9%.

The Strait of Hormuz and Bab el-Mandeb Strait have heightened concerns over potential disruptions to global oil shipments and supply chains due to rising tensions in these areas.