Oil set for steepest weekly gain since mid-July, fuelled by US-Iran clashes

Business Recorder reported that oil prices rose on Friday, putting Brent and WTI on course for their biggest weekly gain since mid-July. Brent gained 54 cents to $96.06 a barrel by 0100 GMT, a 0.6 per cent rise, while WTI added 80 cents, or 0.9 per cent, to $92.10. Over the week, Brent has advanced 7.6 per cent and WTI 10.4 per cent.

Strikes carried out by the US this week left dozens dead or wounded, among them Iranian civilians, and were the most intense exchanges between Washington and Iran since July. The conflict traces back to late February, when US and Israeli strikes began, and has now run for seven months. Israeli Defence Minister Israel Katz reiterated that Israel intends to severely damage Iran's military and civilian infrastructure, including energy sites.

ANZ analysts raised their short-term Brent forecast to $95 a barrel, flagging upside risk if the conflict intensifies. Vance said Washington will not hold talks with Iran unless it stops attacking commercial ships in the Strait of Hormuz, where Iran has widened its list of vessels subject to fines or detention. Putin said a route to a deal on Ukraine remains, a factor that limited gains. Iraq raised its August crude exports to about 2.34 million barrels per day from 1.35 million in July, according to two Iraqi energy officials.