Oil set for sharp weekly drop but Middle East supply concerns provide floor

Oil prices rose for a second day on Friday, with January Brent up 1.31% to $99.58 a barrel and US West Texas Intermediate gaining 0.95% to $91.38, The Express Tribune reported. Brent briefly crossed $100 in morning trading, but both benchmarks remain on course for weekly losses of about 12%.

Markets had earlier retreated on expectations that US election results could ease the conflict involving Iran. Tanker attacks in the Gulf and the Strait of Hormuz have revived concerns about regional oil shipments, limiting the decline; Iran said three additional tankers were attacked on Thursday, while UKMTO data indicated attacks on oil-carrying vessels remained near record levels. KCM analyst Tim Waterer called Friday’s move a technical rebound after the selloff.