Oil ends higher, records weekly gains
Oil drilling rigs
Oil prices rose at Friday’s settlement, with Brent posting a weekly gain of nearly 6% amid renewed attacks on tankers in the Middle East and competing claims by the United States and Iran over control of the Strait of Hormuz.
US Treasury Secretary Scott Bessent said Washington could maintain its naval blockade of Iran indefinitely and step up economic pressure on Tehran in response to stalled ceasefire talks.
The developments came as shipping traffic through the Strait of Hormuz fell below the average recorded since the start of the month, according to Kpler data.
Separately, Russian oil exports from the Sheskharis terminal at the Black Sea port of Novorossiysk were halted following a drone attack, Reuters reported, citing sources familiar with the matter.
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Global benchmark crude futures |
||||
|
Crude |
Price ($/bbl) |
Change ($) |
Change (%) |
Weekly performance |
|
Brent (October) |
88.52 |
1.45 |
+1.67% |
+5.94% |
|
WTI (September) |
82.40 |
1.15 |
+1.42% |
+5.40% |
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