Oil eases, but set for weekly gain on Mideast supply risks

Crude prices slipped on Friday, yet Brent remained on course for a weekly rise as doubts over Middle East supplies lingered, Business Recorder reported. By 0623 GMT, Brent had dropped 50 cents to $105.42 a barrel, while West Texas Intermediate was down 49 cents at $97.48. WTI had closed over 3% higher on Thursday after a larger-than-expected drop in US crude stocks tied to hurricane-related shut-ins.

Ship-tracking firm Kpler put total Hormuz clearance at an average of 11.62 million barrels per day during the seven days ending October 13, roughly 68% of a 17.15 million bpd baseline. ING analysts said the market was pricing in a substantial risk premium, and that a deal between Washington and Tehran would be needed to convince buyers that stronger flows from the region will last. Attacks near the strait have picked up sharply in the last 10 days, with Iran citing a US blockade on its harbours and stiffer sanctions from last month as reasons for escalating its campaign.

The International Energy Agency agreed to make over 20 million barrels of diesel available, along with any leftover oil from March's record emergency stock release. Separately, a US official said on Wednesday that the Trump administration is weighing relief from sanctions on some shadow fleet vessels, a move aimed at cutting record freight rates.