FX.co ★ Oil Rises for 5th Week

West Texas Intermediate (WTI) crude oil futures experienced a notable increase of over 2%, reaching approximately $60.8 per barrel on Friday. This marks the fifth consecutive week of gains, largely driven by geopolitical tensions and supply-related concerns. The uptick in prices followed heightened warnings from U.S. President Donald Trump towards Iran, sparking fears of potential military conflict that could interrupt the flow of oil. President Trump stated that the United States has a naval fleet heading towards Iran, with U.S. officials confirming that warships, including an aircraft carrier and guided missile destroyers, are expected to arrive in the Middle East imminently. The anxiety over supply was further exacerbated by persistent outages in Kazakhstan, where operations at the significant Tengiz oilfield have yet to resume following a shutdown earlier this week. Additionally, the dollar is on track to record its weakest week in seven months, making crude oil more affordable for buyers outside of the U.S., particularly amid ongoing tensions in U.S.-Europe relations and unresolved peace negotiations concerning Ukraine. However, expectations of an oversupply continue to temper these gains, with the International Energy Agency (IEA) forecasting a rise in global stockpiles by 3.7 million barrels per day this year.