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

Oil prices were mixed on Friday, but both major benchmarks were on track for a second weekly loss as US President Donald Trump signalled that the blockade on Iranian oil shipments and trade would continue. Brent was down 1 cent at $95.41 a barrel, while US West Texas Intermediate fell 20 cents, or 0.25%, to $88.52 at 0242 GMT, The Express Tribune reported.

Brent was set to lose 2.4% for the week and WTI 2.5%, following steep declines the previous week. Supply risks persist around the Strait of Hormuz, where Iran said four tankers were hit, while Yemen’s Houthis claimed attacks on Saudi oil infrastructure; US crude stocks also climbed 4.7 million barrels to 414.4 million in the week ended November 6, against expectations for a draw.