Oil prices set for second weekly decline as Trump to stay with Iran blockade

Oil benchmarks were on course for another weekly loss on Friday, as US President Donald Trump signalled that the Iranian oil and trade blockade would remain. Business Recorder reported Brent at $95.41 a barrel and WTI at $88.52, with the contracts down 2.4% and 2.5%, respectively, over the week.

Price declines came despite continued threats to shipping and energy assets around the Gulf. Iranian officials said four tankers were struck in the Strait of Hormuz, while Yemen’s Houthis claimed attacks on Saudi oil infrastructure; Reuters said it could not immediately confirm Iran’s account. US crude stocks also added 4.7 million barrels, reaching 414.4 million in the week to November 6, against market expectations for a 1.1 million-barrel reduction. The competing supply risks and inventory build shaped a volatile week for crude.